The Real Reporter Annual Investment Review by The Real Reporter

THE REAL

Reporter

GREATER BOSTON’S REAL ESTATE INVESTMENTS REVIEW

EXTRA CREDIT

MULTIFAMILY AFFAIRS

INVESTMENTS FLOW

NET LEASED RUSH

CORE APPLE

OVERTIME PAYS

2012

Cover:Apple Store, 815 Boylston Street Boston Fetched $27.5 Million from Tribeca, Brokered by Eastdil Secured

2012 RESULTS

34 CLOSED TRANSACTIONS VALUED AT OVER $2.1 BILLION

A WHOLLY OWNED SUBSIDIARY OF WELLS FARGO & COMPANY

in the Greater Boston Region

FINANCING

EQUITY SALE

JOINTяЪ║VENTURE EQUITY RAISE

EQUITY SALE

MARKETPLACE CENTER

CAMBRIDGE PLAC A E

NETWORK DRIVE AT NORTHWEST PARK

WESTW TWOOD STATION

Boston - Faneuil Hall Retail

Cambridge OямГce

Burlington - 128 North OямГce

Westwood - 128 South Land - Mixed Use Development

EQUITY SALE

FINANCING

EQUITY SALE

THE APPLE STORE

BEDFORD BUSINESS PARK

RENAISSANCE BOSTON WATERFRONT R HOTEL

305 FORBES BOULEVARD

Boston - Back Bay Retail

Bedford - 128 North OямГce

Boston - Seaport Hotel

MansямБeld - 495 South Industrial

EQUITY SALE

STRATEGIC ADVISORY

JOINTяЪ║VENTURE EQUITY RAISE

EQUITY SALE

SEAPORT CENTER

CHANNEL CENTER

345 HARRISON AVENUE A

ONE CONSTITUTION WAY

Boston - Seaport OямГce

Boston - South End Multifamily Development

Foxborough - 495 South OямГce

FINANCING

EQUITY SALE

STRATEGIC ADVISORY

JOINTяЪ║VENTURE EQUITY RAISE

BOSTON PARK PLAZA HOTEL

WILMINGTON PORTFOLIO

770 COCHITUATE ROAD

55 WALKERS BROOK

Boston - Back Bay Hotel & Retail

Wilmington - 128 North OямГce / Flex

Framingham - MetroWest OямГce

Reading - 128 North OямГce

EQUITY SALE

THE A ATRIUM MALL

NEW ENGLAN A D BUSINESS CENTER

1 & 3 BURLINGTON WOODS

Boston - Chestnut Hill Retail

Andover - 495 North OямГce

Burlington - 128 North OямГce

WEYMOUTH WOODS MEDICAL CENTER Weymouth - 128 South Medical OямГce

WE WOULD LIKE TO THANK OUR CLIENTS FOR THEIR CONTINUED TRUST AND CONFIDENCE New York - Los Angeles - Washington, D.C. - San Francisco - Chicago - Atlanta - Boston - Dallas - Hong Kong - London

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A Great Leap Forward in 2012 BY JOE CLEMENTS OSTON — An extra day in February might seem more a cruel joke than a bonus for most New Englanders, but commercial real estate practitioners treasured every spare moment of 2012 to juggle an unending stream of trade that f l o w e d ROBERT E. GRIFFIN JR. BROKERAGE from the get-go until midnight struck 366 days hence. The landmark $615 million sale of 100 Federal St. in downtown Boston serves as a glaring exception, but mega-deals were hard to find, yet capital was dispensed liberally—and for riskier assets—by investors seeking alternatives to volatile stocks and EDWARD C. MAHER JR. anemic treasury returns who found plenty of reason to feel the resilient regional economy will continue to salve CRE’s post-recession lull. “It’s all good,” proclaims Robert E. Griffin Jr., New England area President for Cushman & Wakefield, the region’s leading brokerage firm for CRE sales in 2012 after negotiating the 100 Federal MATTHEW E. PULLEN

St. purchase by Boston Properties and dozens of assets in the industrial, office and retail arenas, from increasingly coveted land tracts to fully net-leased structures that safety minded investors have been particularly smitten with since the recession hit in 2008. “All of the asset classes have recovered, and there’s good reason to believe that for the next two years, they are going to continue to behave in a positive manner,” says Griffin. ONE MERCHANT PLACE, WORCESTER MA “This is for real.” C&W seemed to have multiple with a plethora of suburban buildings and retail entries in just about every CRE catego- in every setting imaginable. The healthcare unit ry and profile as the Capital Markets led by Frank Nelson peddled a portfolio of medGroup finalized 62 transactions total- ical office buildings for $100 million, or $269 ing $2.3 billion. Office towers in per sf—“a remarkable deal,” says Griffin—and Boston, Providence and Worcester C&W delivered another $90 million to Colony contributed to the lofty sum along continued on page 56

Independent Firms Have Banner Year BY JOE CLEMENTS OSTON — This place knows a thing or two about independence, and so it is perhaps no great surprise that the region’s commercial real estate industry is chock full of small- and medium-sized brokerage houses that have managed to remain busy even as an army of national companies have arrived over the past quarMICHAEL D’HEMECOURT ter-century, a legion that continues to expand across the land, its latest arrivals including Canadian-based Avison Young and Cassidy Turley. In 2012, multi-million dollar sales were processed in droves by such locally JASON WEISSMAN controlled firms as Greater

Boston Commercial Properties, Parsons Commercial Group and New Dover Associates in the MetroWest, O’Brien Commercial Properties in Marlborough, the Stubblebine Co. of Lexington and Waylandbased R.W. Holmes. Kelleher & Sadowsky come to mind in Worcester and Springfield has King & Newton among several. Burgess Properties is a stalwart north of Boston, as is Northway Real Estate in 18-28 JFK ST., CAMBRIDGE MA Haverhill and Danvers-based Nordlund months, most recently a 24,000-sf office buildAssociates. Founded by Christopher Everest in ing at 33 Nagog Park harvested by National 2002, the latter firm completed a smorgasbord Development to an investor for $1.05 million. continued on page 62 of sales from Acton to Peabody over the past 12

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Back Bay Buying Bonanza BY JOE CLEMENTS OSTON—Consumers frequenting tony Back Bay shops from Armani and Chanel to Neiman Marcus and Williams-Sonoma are used to paying exorbitant sums for their purchases, and that acceptance appears to have sunk in for CRE investors who fought long and hard in 2012 to BOSTON DEALS secure prime properties at ever-escalating rates, most notably on the retail end. A New York City investor with a background in departments stores paid $26.7 million for 28 Newbury St., a three-story building leased to Banana Republic that yielded an astounding $1,404 per sf in a deal brokered by Holliday Fenoglio Fowler. That even topped the $1,288 per sf doled out for 815 Boylston St., the newly constructed Boston retail home for Apple Inc., which did attract a higher sales price at $27.5 million and caught wider media attention due to its famous tenant. “It was exciting,” Eastdil Secured Managing Director Peter Joseph says of the buzz created when the listing was unveiled over the summer

815 BOYLSTON ST., BOSTON MA

and continued in the heavy competition generated for the three-story, 21,350-sf asset. The 28 Newbury St. property is less encumbered by the current tenant, meaning the landlord can realize anticipated future rental growth sooner, but

Joseph says plenty of suitors saw 815 Boylston St. as a worthwhile long-term play. “They are only getting 2 percent on a treasury, and here you have something (returning) continued on page 50

Inspired by the possibilities. At Cambridge Savings Bank, we closed over $400 million in commercial real estate loans in 2012. We have been working creatively with our clients as they have been inspired by the opportunities in this strong market. To put CSB to work for you today, contact Daryl Smith, Senior Vice President and Commercial Real Estate Division Manager, at 617-441-4264 or dsmithcambridgesavings.com.

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C&Wâ&#x20AC;&#x2122;S BOSTON CAPITAL MARKETS GROUP CLOSED OVER $2.3 BILLION IN 2012. WE WOULD LIKE TO THANK OUR CLIENTS FOR A MEMORABLE YEAR!

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CRE Money Flowed in 2012 BY MIKE HOBAN OSTON — Recession? What Recession? That would appear to be the vibe coming from some corners of the Greater Boston CRE lending community as activity appears to be ramping up to levels approaching 2007. And while the environment may not exactly be back to the pre-recession insanity of those days—when LENDING standards were looser than Al Roker’s pants after stomach bypass surgery—lenders are beginning to compete against each other for well-located deals with solid sponsors, even for non-multifamily assets, according to industry observers who marvel at the sunnier climate. “If you look at where the market was, you had a securitization market that was shut down, so there was no long term debt; you had Fannie and Freddie in severe distress; and the banks were deeply saddled KENNETH J. WITKIN with problem loans,” recalls Kenneth J. Witkin, a partner at the Roseview Group, a provider of investment banking and lender advisory services. “Today, it’s almost uncanny that you would not know what took place three years ago.” CLAUDIA PIPER Witkin reports that the CMBS market appears to be ending its hiatus. While still far away from the peak in 2007 that saw $231 billion of securities issued, the figure rose above $45 billion in 2012 as investor interest began to regain momentum JULIA ANNE SLOM in the second half of the year and originators became more attractive to borrowers. The life companies also came back in a big way (with $300 million financed in the second half of the year in Massachusetts alone), and many large domestic banks are also making strides, joining the hundreds of New England commercial banks who have been the most consistent sources of debt. “A lot of the foreign banks have exited the market, (particularly) a lot of German banks that were very active,” conveys Witkin. “They’ve

ONE ALEWIFE CENTER, CAMBRIDGE MA

been getting a lot of pressure from the regulators and they’ve been under a lot of pressure to lend in their own countries, and they’ve also begun having a more domestic focus.” That in turn has been creating more opportunities for the domestic banks, who are responding, according to Witkin. In the second half of 2012 alone, such institutions made a huge splash in getting funds out. JPMorgan ($2.9 billion), Bank of America ($237 million), RBS Citizens ($203 million), Sovereign Bank ($145 million) and Wells Fargo ($118 million) led the resurgence. Although no one is suggesting that the industry is becoming reckless again, Witkin inserts a measure of caution. “What took place this last time (2008) is exactly what took place before,” he observes. “Everyone swore after the late 1980s and early 1990s that ‘We learned our lesson,’ but then they repeated the same mistakes again. They all become intoxicated. Now we’re back to the same speech, and hopefully (this time) it will be true. In agreement is TD Bank Regional Director Peter Brockelman, who oversees CRE lending for Massachusetts, Rhode Island and northern New England. “What we’re seeing is that with a high-quality asset or one with a good sponsor with a great reputation, folks are getting very aggressive on those assets,” says Brockelman. “I wouldn’t say other banks are being undisciplined, but if there’s (a number of lenders) look-

ing at a deal, there’s going to be one or two that will get aggressive in spots like leverage, LTV or a recourse factor—not so much on pricing but more on structural (elements).” There has even been anecdotal talk of some banks providing nonrecourse terms, a lure usually left to the CMBS crowd. On a less cautionary note, Brockelman reports that TD had another solid year, particularly in the— PETER BROCKELMAN s u r p r i s e — m u l t i f a m i l y arena. “Last year and this year multifamily was obviously very active in terms of numbers of units and dollar signs,” he relays. “I wouldn’t say volume was up in any product type other than multifamily for us; it was pretty well distributed. We had a good mix of local, middlemarket and regional, right up to RIF (REITS, Institutions and Funds). ” Webster Bank more than doubled its loan output in 2012, closing on $214.5 million in new commitments spread over 16 loans, conveys Senior VP Claudia Piper. “2012 was clearly a more active year than 2011 for both acquisitions and re-financings, but competition for these financings increased in the second half of the year as more players became active in the market,” Piper says. The transactions covered a continued on page 52

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Seaport Awash in Capital BY JOE CLEMENTS negotiated by Eastdil OSTON — Environmentalists fret about Secured on behalf of the flooding from global warming, but waves Beal Cos. and partner of a different sort swept into the Hub’s Rockpoint Group. Seaport District during 2012 as the once-gritty Holliday Fenoglio industrial waterfront captured the hearts of Fowler had an especially investors who were following an earbusy season in lier surge of tenants which drove rents the area, with to record the firm brokerBOSTON DEALS l e v e l s . ing the $25 milDozens of properties changed hands lion purchase of over the course of the year, ranging 250 Summer from a dusty 11-acre parcel that St. by Synergy brought $33 million from a developInvestments ment partnership all the way up to the COLEMAN BENEDICT last January, newly minted Liberty Wharf, an archiplus a fourtecturally renowned office/retail combuilding portfoplex at the site of the former Jimmy’s lio sale that Harborside Restaurant. Seller Cresset yielded $106.7 263 SUMMER ST., BOSTON MA Development was represented by million when Cushman & Wakefield in that trade to DivcoWest took over the 362,000 sf of building package traded at 96 percent occupanInvesco that reaped $65.5 million. brick-and-beam structures from New cy. Clarion had previously bought into a multiOn the super-size scale, three York City based Brickman Real Estate. family project underway in the Seaport that Seaport District transactions each RIAZ CASSUM In another major portfolio sale to wrap Cresset is constructing; upon securing the six crested $100 million, including the single-asset up 2012, Clarion Partners paid $129.3 million for building portfolio, Senior VP Gary Rufrano said his purchase of Seaport Center at 451 D St. by 407,450 sf held by a joint venture of Angelo, firm was intrigued by both the emerging submarShorenstein for $115 million in May, a deal Gordon & Co. and National Development. The sixcontinued on page 49

Synergy Took the Town (Again) in 2012 BY JOE CLEMENTS BOSTON — Having doled out roughly $500 million this decade for commercial real estate centered in his adopted hometown, David Greaney says buying in Boston is a result of buying into Boston. “I really believe in this city as a wonderful place where people want to live, work and play,” the founder of Synergy Investments tells the Real Reporter as a manDAVID GREANEY ner of explaining why he again led a parade of seaWe are urban soned investors chasing CRE throughout Boston in investors and we always 2012. On a dollar volume, a few others spent more, will be. exemplified in Boston Properties committing $615 million for 100 Federal St. early in the year, but the nearly $200 million distributed by Synergy

“ ”

2 OLIVER ST., BOSTON MA

captured a wide range of assets, including 441 Stuart St. in the Back Bay; a quartet of office/retail buildings on High and Summer Streets near Downtown Crossing; and even a three-story parking garage on Boston Harbor. Focused primarily on Class B office buildings that can benefit from hands-on stewardship, Synergy secured the 376-space garage at the InterContinental Hotel as a yield play, outlines Greaney, picking it up at a discount to the original price in a $15 million purchase he says underscores an approach of looking at each opportunity ad hoc. “We don’t have a target for placing equity,” he relays. “The deal has to make sense or we will not do it.” Synergy was seemingly able to get its arms around many offerings in 2012, starting out early with the $25 million acquisition of 250 Summer St., a 104,000-sf office building overlooking Fort Point Channel at the gateway of the booming Seaport District where a series of blockbuster CRE continued on page 51

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Jones Lang LaSalle Capital Markets

Revamped NE Team Takes on the World BY JOE CLEMENTS OSTON — Creating a fully integrated Capital Markets platform for Jones Lang LaSalle locally, architect Frank F. Petz says he was thinking globally in hiring Robert Borden and Jessica C. Hughes, professionals who bring experience on the worldwide stage to JLL’s New England headquarters at One Post Office Square. “JLL has a huge global platform that, quite honestly, has not been fully exploited here in Boston—it is a real strength we intend to take full advantage of,” REAL PROFILE JLL’s Managing Director for Capital Markets pledges in an interview. Especially active in Europe, India and the Middle East, the firm has 1,000 locations in 70 countries. “I do see that as something that separates JLL from a lot of companies,” We think we says Petz, terming it have something a significant factor in him taking on the different to offer. challenge of expanding its New England operation FRANK F. PETZ from a traditional focus on investment sales to include debt and equity guidance and provide a broad menu of services demanded for crafting real estate strategies in the new millennium. Petz has brought on 10 staffers since his arrival last spring, providing the CRE brokerage landscape’s most dramatic facelift during a year in which personnel changes were frequent and game-changing at capital markets groups throughout the region. A JLL employee since 2005, Borden spent most of this decade in Frankfurt, Germany, helping both US firms and domestic investors place money across the European continent. The Middlebury College alum has completed sales totaling more than $1 billion. Hired as a Managing Director following a decade at Beacon Capital Partners, Hughes had been dispatched by the iconic Boston firm to open their London office, during which time she processed $2.5 billion of business. “It’s powerful,” Petz says of hav-

“

”

ing seasoned international professionals assisting clients—and overseas JLL colleagues—on deals in metropolitan Boston, among the leading US magnets for overseas capital. One of JLL’s main listings of 2012—2 Liberty Square in Boston’s Financial District— involved foreign buyers, as Urdang acquired the 64,000-sf office building in late December on behalf of an Australian client. Borden and Hughes participated in that $17.6 million deal, with Petz stressing that the approach is to have all members of the group working each transaction. Brought in to replenish the investment sales operation are Matthew Sherry and Darren Ferguson, joining JLL veteran Courtney M. O’Neal as the firm seeks to increase deal volume in one of the industry’s most competitive venues. Sherry’s father is TWO LIBERTY SQUARE, BOSTON MA Karl F. Sherry of the well-known Hayes & Sherry real estate firm in Providence, similar to Petz in that regard, with the team and the SIOR member’s scion has another claim leader having spent 15 years at AEW Capital to fame as a former Cincinnati Bengals tight Management, a prolific Hub-based investor. end. Matthew Sherry is now playing for JLL after “It’s a real advantage,” he says of Hughes being on hand to work with clients. three years in Philadelphia on the Another coup, according to Petz, CBRE Capital Markets team. Ferguson was bringing in Jonathan Schneider as has gridiron experience as a running a Senior VP of the Real Estate back for Tufts University; he is handling Investment Banking arm that will debt and sales analysis assignments originate, negotiate and structure after a stint with Roseview Advisors. debt financing across all property Focused on underwriting analysis and types. The 20-year veteran comes from marketing material creation, O’Neal is a University of North Carolina alum JESSICA C. HUGHES Ackman-Ziff Real Estate Group, with 17 years as a finance professional at who has an investment banking backHSBC Bank and Bank of America. ground at Bank of America. Petz has Between boots on the ground here also retained a pair of New York proand JLL’s global platform, Petz reports fessionals, Massey Knakel broker Kevin that his team is equipped “to continue Gleason and Angela Larson of JLL’s grabbing more market share” regionalGotham office. ly after securing several notable listings In addition to her international in 2012. Two Liberty Square was background, Hughes brings another among them, as is the Brookwood prized skill to the table, relays Petz. ROBERT BORDEN “She comes at things with the eye of an Business Center, a 480,000-sf Billerica asset owner,” he says of the former Beacon principal owned by Brookwood Financial Partners. JLL is who prior to heading overseas had worked on also exclusive agent on 575 Albany St. in Boston, continued on page 55 projects across the United States. Her outlook is

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SUBURBAN DEALS

CRE Buyers Move Out to Suburbs BY JOE CLEMENTS URLINGTON — Early bird shoppers flock to this retail-laden community every holiday season in search of bargains, and recent trends in commercial real estate sales here suggest those who got in that line first are being rewarded handsomely as well, with several properties that changed hands in darker climes churning over in 2012 at dramatically higher prices. A case in point is 1 and 3 Burlington Woods, acquired in September by Colony Realty Partners for $54 million in a deal brokered by Eastdil Secured. The figure is well above the $32.7 million seller Davis Cos. had paid at a foreclosure auction in June 2010 for the pair of office buildings that have a prized location fronting Route 128 but were saddled by debt secured when the buildings had sold during the mid-2000’s real THOMAS W. BROWN estate boom. A few exits south, an affiliate of Cargill cashed out on its majority stake in Network Drive at Northwest Park in a $215 million recapitalization with the Nordblom Co. JPMorgan Asset Management is JONATHAN G. DAVIS Nordblom’s new partner for the 158-acre, 1.1 million-sf complex. The infusion that proved to be one of New England’s largest investment deals of 2012 was arranged through Eastdil Secured, with James McCaffrey and Sarah Lagosh leading the assignment. Eastdil officials declined comment on both Burlington transactions, but in an interview, CEO Jonathan G. Davis says the decision to trade the Burlington property “was not easy” given his expectation of continued upside for the community. The deciding factor, he says, was the robust return yielded for investors. The firm continued to plumb the regional landscape for fresh opportunities, and managed to spend nearly $100 million on two properties, paying $38.4 million for the Fresh Pond Technology Park in Cambridge and $62.8 million for the Bedford Business Park in Bedford, a three-build-

NETWORK DRIVE AT NORTHWEST PARK, BURLINGTON MA

ing corporate complex bought from longtime owner Boston Properties. The firm has different intentions for each, with the Cambridge acquisition providing cash flow from various tenants in the six buildings encompassing the 207,000sf portfolio enough to allow for a gradual reshaping. “We’re clipping coupons there right now waiting to see how the area is going to

“

Our only regret is that we weren’t able to buy more in Boston.

”

JONATHAN G. DAVIS The Davis Companies

develop and what the best use might be,” Davis says of the assemblage that is in an evolving area where older flex and industrial buildings are being replaced with more modern commercial buildings such as lab facilities and even multifamily housing. Webster Bank provided $24.5 million to finance the acquisition of approximately 10 acres encompassing Fresh Pond Technology Park. Cushman &Wakefield represented the buyer and procured Davis Cos. for the Bedford oppor-

tunity. Similar to its multi-faceted overhaul of 1 and 3 Burlington Woods that boosted occupancy quickly there, the Davis Cos. is moving full steam ahead on revitalizing the 22-acre, 470,000-sf Bedford asset to take advantage of a surging submarket fueled by firms priced out of Burlington and Waltham who are looking for nearby options. Architectural firm Gensler has already been engaged to give the park a new image, reports Davis. It was 90 percent leased at the time of its purchase. As mentioned elsewhere in the investment market review of downtown Boston, the Davis Cos. took on a 75,000-sf office building in the Hub’s Seaport District, but its namesake founder says even in looking at “everything” that came available in the Hub last year, the firm was almost shut out totally. That not only drove Davis Cos. to the suburbs, but beyond as well, with roughly half of the $235 million spent in 2012 placed outside New England in such venues as Florida and New York. “We’re very satisfied with what we accomplished in 2012,” Davis says. “Our only regret is that we weren’t able to buy more in Boston, but we found there were better places to put our money, and that makes it easier to accept.” Davis is among those who predicts the improving Boston market will only make CRE prospects harder to land in 2013, especially continued on page 14

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CHRISTOPHER D. SOWER 617.850.9633 csower@bradvisors.com

745

BOYLSTON

JASON S. WEISSMAN 617.850.9608 jweissman@bradvisors.com

STREET

Â·

BOSTON,

MICHAEL Dâ&#x20AC;&#x2122;HEMECOURT 617.850.9670 mdhemecourt@bradvisors.com

Â·

(T)

617.375.7900

JEREMY A. FREID 617.850.9602 jfreid@bradvisors.com

Â·

(F)

617.536.9566

PARTNERS

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1 BURLINGTON WOODS, BURLINGTON MA

SUBURBAN DEALS continued from page 14

Answers, not roadblocks When you face critical environmental and land use questions, you want practical, cost-effective answers, not roadblocks and disclaimers. At Bernkopf Goodman, our newly expanded environmental group provides clear, reasoned guidance that allows your projects to move forward.

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design he says works well for smaller tenants getting squeezed out of Kendall Square. “A lot of those (companies) need to be near Kendall Square, but can’t afford it,” he relays, with the Alewife district not only lower in cost, but also directly accessible to Kendall Square and downtown Boston via the MBTA Red Line. “I think that is going to be a good one for us,” Brown says of the 90,000-sf building that NBF had owned since 1999. The asset was 53 percent leased at the time of its sale. More typical of buying in Cambridge was the $119 million BioMed Realty dispatched to acquire One Cambridge Place from MetLife last spring. The three-building, 287,000-sf office/lab complex was sold through Eastdil Secured and reportedly garnered widespread interest before the REIT stepped to the fore. Even with opportunity funds favoring value-add deals, other investors seemed especially interested in stabilized suburban listings last year, especially institutional capital that is finding it harder to buy JEREMY FREID core downtown but remains risk-averse. Cole Real Estate Investments paid $93.5 million for a pair of Bedford office and research buildings leased to RSA Security, while a newly constructed office tower in Worcester brought in an impressive $75.9 million in its December purchase by a Florida investor. C&W negotiated both of those trades in separate negotiations, and also was the broker for TIAA-CREF in the pension fund’s $26.4 million sale of 160 Gould St. ADAM MEIXNER in Needham to the James Campbell Co., which was advised by Colony Realty Partners in the deal for a first-class, 138,000sf office building in the heart of the Route 128 Central submarket. Not all buyers hailed from as far a field as Hawaii, where James Campbell Co. is based, with Boston Realty Advisors brokering the $7.5 million sale of 50 Cabot St. in Needham to its next-door neighbor, the Bulfinch Cos. Jeremy Freid and Adam Meixner of BRA’s suburban team handled that trade of the 41,000-sf Class A office building structure in August on behalf of One Needham Place Realty TR, owners since paying $1.88 million in April 1988. Northern Bank & Trust Co. provided Bulfinch with $5.3 million in acquisition financing. The buyer’s headquarters is within 1,000 feet of 50 Cabot St., a 27-year-old building said to be in solid condition and anchored by Direct Federal Credit Union. continued on page 18

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SUBURBAN DEALS continued from page 16

Speaking of Bulfinch, the firm made a big splash in 2012 with the purchase of the former Chestnut Hill Mall in Chestnut Hill that is being converted to medical office space, said to be a new penchant of the company. The firm also paid $9.5 million for 30 Perwal St. in Westwood to the Campanelli Cos. for that 101,000-sf building which is fully leased to Steward Health Care Systems. Medical office proved to be a popular specialty among investors in 2012. R.W. Holmes negotiated the trade of one such asset at 604 Main St. in Shrewsbury. The 18,575 sf building yielded $4.5 million from DSN Realty Trust, which was represented by R.W. Holmes Senior VP Craig S. Johnston, with colleague John Eysenbach DOUG ADAMIAN advising the seller, RPI Shrewsbury Main Realty LLC. The building is fully occupied by two tenants on long-term leases, those being Child Health Associates and UMass Memorial Medical Center. CHRISTOPHER MCMAHON DSN Realty was acquiring the asset on the back end of a 1031 exchange deal from a Westborough manufacturing building that sold earlier in the year. In another medical-related transaction which closed on the final day of 2012, a threestory medical building conceived and constructed by Campanelli was bought by Intercontinental Real Estate Corp. of Brighton for cash and debt assumptions totaling $22.8 million. The 68,600-sf structure known as the Weymouth Woods Medical Center was bro-

WEYMOUTH WOODS, WEYMOUTH MA

ONE ALEWIFE CENTER, CAMBRIDGE MA

50 CABOT ST., NEEDHAM MA

kered through Eastdil Secured. It is located at 51 Performance Dr. Campanelli’s Libbey Park II LLC acquired the parcel for $1.1 million in June 2006. The new owner is US REIF Weymouth Woods Massachusetts LLC. In the Bedford purchase of RSA Security’s 328,000-sf campus at 174 and 176 Middlesex

Turnpike, the C&W team led by Robert E. Griffin Jr., Edward C. Maher Jr. and Matthew E. Pullen advised the seller and procured Phoenix-based Cole along with Luis Alvarado of C&W’s Corporate Occupier & Investor Services Group. Developed by the Gutierrez Co. in 2001, the 54acre campus features two buildings connected by a bridge to enable RSA Security employees to move between the two. The firm is an affiliate of EMC Corp. C&W went an extra step in the Bedford process, helping the buyer secure $51.4 million in senior financing with a major commercial bank revealed in registry of deeds records to be Capital One NA. “Lenders recognized the significant value of RSA’s long-term commitment to the property, the tenant’s financial strength and the quality of the Cole ownership,” relays Jay Wagner, Senior Director of Equity, Debt and Structured Finance for C&W, who worked with the borrower to create the financing package.

Knowing the lay of the land, not just the law. Real Estate Acquisition and Development for Major League Baseball Organization

Case of First Impression

Argued Supreme Judicial Court case establishing Joint venture with another the right of private baseball organization to parties to appeal Boston acquire and develop real Redevelopment Authority estate next to client’s spring approvals after issuance training facilities. of building permits.

Acquisition for Large Public Company Acquisitions of California, Illinois and Ohio facilities involving complicated title and zoning issues and transfer of operating permits.

Draft New Law Governing Public Infrastructure Instrumental in drafting Chapter 23L providing municipalities with a local option to approve tax-exempt “special assessment ﬁnancing” of public infrastructure.

Eminent Domain Award for Landowner Arbitration proceedings involving eminent domain takings and contract disputes with public transportation authority resulting in $7 million award.

Victory for Condo Trustees In Land Court and on appeal in defending rights of condominium trustees to use their discretion in making common area and landscape decisions.

Landmark Decision on Behalf of Developer Limiting the authority of local conservation commissions to impose restrictions under local wetlands bylaws.

Establish New Law on Behalf of Buyer

Property Contamination Issues for Fortune 100 Company Involving several Region I Superfund sites in Massachusetts.

Leasing for Major Publicly Traded Company Of sales oﬃces throughout the United States.

Supreme Judicial Court case recognizing the right of buyer to rely on an accepted written oﬀer to purchase as a binding agreement.

Section 1031 Exchange

Reversal of Appeals Court Decision

Conversion of former parochial school into neighborhood community center, involving taxable and tax-exempt bonds, second mortgage, historic tax credits, state community service loan, and CDBG grant.

Supreme Judicial Court case clarifying obligations of abutters challenging a zoning decision and reinstating client’s special permit to redevelop its property.

Involving sale of three-oﬃce-building portfolio and purchase of replacement properties.

Financing for Non-Proﬁt

T T O R N E Y S

A T

A W

ON THE LEGAL FRONTIER SINCE 1979 ONE BOSTON PLACE B O S T O N • 617.367.2500 w w w. d av i s m a l m . c o m

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MULTIFAMILY DEALS

CBRE Tops $700M in Multifamily BY JOE CLEMENTS OSTON — Anyone looking for drama identifying New England’s leading multifamily brokers will be sorely disappointed--again. No envelope is required ranking the CBRE/New England team led by Simon J. Butler and Biria St. John as most prolific regionally in 2012 for that white-hot asset class, one so vibrant that the $959 million negotiated was the duo’s second highest total ever, approaching 2007 when SIMON BUTLER the figure crested $1 billion. Of that completed in 2012, $710 million was brokered by CBRE/NE with the remaining $249 million contracted through Cushman & Wakefield, the high-powered firm Butler and St. John left to begin BIRIA ST. JOHN the new year. Those deals were committed prior to the departure but did not close until 2012 for various reasons common in such large trades. Among those brokered by C&W was the $48.7 million sale of the Union Place Apartments at 10 Independence

CRONIN’S LANDING, WALTHAM MA

Way in Franklin, a 300-unit community acquired from Northwestern Mutual Life Insurance Co. by the Berkshire Property Advisors of Boston. Another was Alexan Pembroke Woods in Pembroke, a 240-unit complex bought for $42.3 million by Behringer Harvard, a Texasbased investor. Butler and St. John hit the ground running

in their new positions at CBRE/NE, wrapping up four closings by May comprising $110 million in value and then turning on the jets for a hectic final half that included seven closings in December alone, with Fairfield paying $41 million for 171 units at Faxon Park Apartments in Quincy. As Butler and St. John approach their continued on page 22

Lenders All in for Multifamily BY JOE CLEMENTS OSTON — To loosely paraphrase Willie Sutton, there is a basic explanation why investors find multifamily appealing—it’s where the money is—and the phenomenon rang true once more in 2012. Debt remained plentiful and contributed to an unprecedented number of multifamily refinancings and sales as lenders lined up to back core urban properties, and increasingly branched out as those opportunities

PAUL DONAHUE

JOHN KELLY

waned in metropolitan Boston. Criticized for imperfect management and bloodied by the housing crash, Fannie Mae and Freddie Mac nonetheless combined with solid rental trends to help prevent the credit crisis that set in for other property types after the 2008 recession, and in fact multifamily had practitioners STONEY BROOK VILLAGE, MILLIS MA out straight for most of 2012. Cornerstone Realty Consultants) was working “It didn’t feel like there was ever any right up until the final day of 2012 on behalf of break,” recounts Paul Natalizio, whose one borrower, a necessity partly due to tax Cornerstone Realty Capital (formerly continued on page 28

Your Property Our Financing Fannie Mae Freddie Mac FHA Bridge CMBS Life Company

Commercial Real Estate Finance Andy Gnazzo Senior Vice President Multifamily Finance agnazzo@walkerdunlop.com (781) 707-9354

Mike Darling Senior Vice President Multifamily Finance mdarling@walkerdunlop.com (781) 707-9428

Christopher Rumul Vice President FHA Finance crumul@walkerdunlop.com (781) 707-9466

Ellen Kantrowitz Senior Vice President FHA Finance ekantrowitz@walkerdunlop.com (781) 707-9309

Vice President FHA Finance (781) 707-9344

www.walkerdunlop.com Ä&#x201A;ĹŻĹ?Ä¨Ĺ˝Ć&#x152;ĹśĹ?Ä&#x201A; ĹŻĹ˝Ä&#x201A;ĹśĆ? Ç Ĺ?ĹŻĹŻ Ä?Ä&#x17E; ĹľÄ&#x201A;Ä&#x161;Ä&#x17E; Ć&#x2030;ĆľĆ&#x152;Ć?ĆľÄ&#x201A;ĹśĆ&#x161; Ć&#x161;Ĺ˝ Ä&#x17E;Ć&#x2030;Ä&#x201A;Ć&#x152;Ć&#x161;ĹľÄ&#x17E;ĹśĆ&#x161; Ĺ˝Ä¨ Ĺ˝Ć&#x152;Ć&#x2030;Ĺ˝Ć&#x152;Ä&#x201A;Ć&#x;Ĺ˝ĹśĆ? Ä&#x201A;ĹŻĹ?Ä¨Ĺ˝Ć&#x152;ĹśĹ?Ä&#x201A; &Ĺ?ĹśÄ&#x201A;ĹśÄ?Ä&#x17E; >Ä&#x17E;ĹśÄ&#x161;Ä&#x17E;Ć&#x152;Ć? >Ä&#x201A;Ç >Ĺ?Ä?Ä&#x17E;ĹśĆ?Ä&#x17E;Í&#x2DC;

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MULTIFAMILY SALES continued from page 20

20th year in the industry, they have topped $7 billion in gross consideration, with the figure at $6.4 billion when the move to CBRE/NE— which they had left in 2006 to join C&W—was announced. The team had handled more than 50,000 units going into 2012, and was again well above 1,000 on that front for the year, boosted with the $188 million exchange of 550 luxury apartments at Oak Grove Village on the Melrose/Malden line. Fidelity Investments, via its real estate arm Pembroke, was the seller in that mammoth pact finalized in early August. General Investment & Development of Boston took the reins of the community hailed for transit access and on-site lifestyle services. It is a five-minute walk to the Oak Grove Orange Line subway line CHRISTOPHER D. SOWER into Boston and has onsite features such as a clubhouse, swimming pool and extensive retail, including an upscale restaurant. “It’s a wonderful property,” says Butler. The same week of that conclusion, Archstone Residential paid $94.2 million to Fairfield Residential for Station 250 in Dedham, a 285-unit transit-oriented community set on 16 acres adjacent to the Legacy Place lifestyle center on Route One. CBRE/NE handled that listing as well, and later assisted Fairfield Residential in its purchase of Alta Woods in Stoughton, a $27.5 million investment bought from Wood Partners, a Georgia multifamily builder also targeting Massachusetts that opted to cash out early on the 154-unit Stoughton complex. The development has now been rebranded as the Coppermill Park Apartments.

OAK GROVE VILLAGE, MALDEN MA

ABINGTON WOODS, ABINGTON MA

As if that were not enough, CBRE/NE reaped another $120 million for Archstone in the December sale of the REIT’s Grover Cronin Apartments in downtown Waltham. The 280unit luxury complex developed alongside the Charles River is now owned by UDR, a Colorado-based REIT previously named United Dominion Realty. The purchase adds to UDR’s national portfolio in excess of 50,000 units that includes other properties in Greater Boston. Butler declined comment on specific transactions, but concurs that the 22 deals completed on behalf of CBRE/NE amounted to a time-strapped 2012. “We were fortunate to have some very loyal clients,” Butler says of the fast launch, a pace he agrees was helped mightily by the hyperactive environment favoring multifamily sales. “It was a good year, and we are looking at doing a similar volume in 2013,” reports Butler. Even in handling nearly three-quarters of a billion dollars in 2012, the tide of business was not exclusively the domain of CBRE/NE, as nearly every other multifamily brokerage operation in

Greater Boston assisted clients in a vast array of sales at all levels. Groups grabbing their fair share included Apartment Realty Advisor’s Burlington office and Marcus & Millichap, known nationally and in Connecticut for its multifamily acumen but less so in Massachusetts. The firm was busy operating under the radar, however, finalizing 20 such deals in 2012, according to Dennis Kelleher, who is overseeing the local team that works in the same office as net lease aces Robert Horvath and NEIL DENENBERG Todd Tremblay. A homegrown operation that made a name for itself in multifamily circles practically overnight is Boston Realty Advisors. The contingent of Christopher D. Sower and Jason S. Weissman tallied $133 milJONATHAN BLACKER lion in multifamily deals during the year, including two listings in Harvard Square and a Boston portfolio acquired by the Hamilton Co for $18.5 million. That 91unit transaction adds to Hamilton’s vast empire which was already in excess of 5,000 units and hovering near 100 percent occupancy. Local capital scored its share of victories, with other buyers including the Dolben Cos. and True North Capital, but the largest transactions were almost exclusively the domain of institutional funds and multifamily REITs. Fairfield Residential was especially busy and Behringer Harvard’s acquisition was its second Bay State investment in the past 12 months, having paid $64.7 million for the Stone Gate continued on page 24

MULTIFAMILY SALES continued from page 22

Apartments in Marlborough in 2011, a 332unit asset listed through ARA. One sea change, industry observers relay, is a willingness to consider suburban locales and even tertiary venues such as southern New Hampshire, Hartford and Rhode Island. An inbound trend following the 2008 recession has reversed course, observers maintain, and certainly the substantial number of suburban BRUCE A. PERCELAY transactions would support that view. “There has been a bifurcation between the urban properties and the suburbs, but you are starting to see more people willing to look at the secondary and tertiary markets,” says Sower, whose JAMES T. GARNACHE firm is presently listing a first class multifamily asset in Yarmouth, ME. Already, 2012 did see an increase in such activity, including a 101-unit complex in Exeter, NH, that CBRE/NE sold for $30.2 million. Back in Massachusetts, Universal Management of Newton bought Stoney Brook Village in Millis for $21 million, with CBRE/NE representing the John M. Corcoran Co. in its sale of the 202-unit, ninebuilding garden-style apartment community that sits on 29 wooded acres. True North principal Jeff Bruce bought the University Apartments in Woburn, also brokered by CBRE/NE. Its client was seller Emerald Realty Trust. The 2.6-acre community consists of eight garden-style build-

ALTA AT INDIAN WOODS, STOUGHTON MA

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ings that date to the 1960s. Even as select capital branched outward, urban multifamily continued to be the most desired asset class. Some futurists are fretting that a glut of construction in the pipeline might ease rent growth longterm, but for the UNIVERSITY PLACE APARTMENTS, WOBURN MA present, supply has not caught up to demand. Allston, a teeming neighborhood wedged Investors flocked to BRA’s Harvard Square list- between the Charles River and Brookline that ings, recalls Weissman, both of which had been draws renters from dozens of colleges and held for generations by the same families, young professionals who want access to downincluding the initial two-building offering on town Boston via several transit lines. As previJFK and Mount Auburn Streets that last sold in ously detailed by the Real Reporter when the Woodrow Wilson administration. BRA bro- Hamilton acquired the portfolio, the buildings are at 1799 Centre St. in kered deals in such exclusive areas as the Back West Roxbury and in Bay, Beacon Hill and on Newbury Street, with Allston at 26 Allston St., 34 an early 2012 sale being 225 and 227 Newbury Gardner St. and 10-20 St., acquired for $8.8 million by the Copley Armington St.. The latter Group after being listed on behalf of the Mount structure is comprised of Vernon Co. The mixed-use asset features 11 25 units in a converted eleapartments in addition to street-level retail. As mentary school once evidenced in BRA’s work in Maine, New attended by Hamilton Hampshire and Rhode Island, plus several deals HAROLD BROWN founder Harold Brown, in play on the South Shore, the firm is not limitwhose firm is based in ed to urban multifamily, although Weissman Allston. concurs it has been a key to the division’s sucThe octogenarian has cess since being launched two years ago this spent voraciously on multispring with the hiring of Sower. “It shows the family in Greater Boston bottomless demand for core assets and how since the recession, but difficult it is to find those opportunities,” was less dominant in 2012, Weissman says of the urban ardor, relaying at least compared to other that, “It really is a feeding frenzy when those ED ZUKER things come to recent seasons. Brown, who was honored in market, especially November by the Institute of Real Estate when you have Management, was kept busy developing a something in property Hamilton already owned at 8 Winter Harvard Square . . . St. that will deliver what is being termed “modThey were defi- erately priced” apartments versus the luxury nitely highlights of units found more typically in new downtown Boston properties. our year.” Another Hub-based company known for its BRA had plenty to choose from, ability to buy and build is the aforementioned too, including the Mount Vernon Co. The group founded by Hamilton Co. deal Chairman Bruce A. Percelay whose leadership known as the Hub includes Treasurer James T. Garnache concenPortfolio. It is com- trated efforts in Allston where the firm is magiprised of a 30-unit cally transforming an industrial area on the apartment build- Brookline border into an enclave being promoting in West ed as the Green District. Heavy on landscaping Roxbury and three and sustainable design precepts, the venture properties in continued on page 26

Thank You For A Successful 2012

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Long term commitment to value creation

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1 LAKEVIEW AVE., READING MA

MULTIFAMILY SALES continued from page 24

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has yielded 180 units in two new buildings where rents are already being boosted. Mount Vernon added to the pile in March, paying $13.6 million to secure 83 units in four buildings at 74-86 Brainerd Rd, with First Republic Bank lending $9.2 million arranged by Cornerstone Realty Capital. BRA advised the buyer and procured Mount Vernon Co. in that deal. In a major South Shore transaction of 2012, Denenberg Realty Advisors oversaw Greystar’s $37.5 million purchase of Abington Woods, a 180-unit condominium-quality apartment complex secured in November from the Heritage Cos. Denenberg Realty Advisors President Neil Denenberg worked with Senior VP Jonathan J. Blacker to complete a lengthy negotiation that extended back into 2011. Located at 212 Bedford St. in Abington, the asset’s impressive per-unit price of $208,000 reflects the growing confidence investors have in suburban Boston coupled with a desire to own quality, Neil Denenberg told the Real Reporter following the purchase by Greystar, a South Carolinabased apartment operator that observers say has JASON BRAUN been chasing assets throughout Massachusetts. Whether that investor took a run at the Grandview apartments in Framingham is unclear, but the $84.5 million derby winner for the 581 units listed in two properties there was hometown residential powerhouse Chestnut Hill Realty. Approaching 45 years in business, the firm that now controls 4,500 units in Massachusetts and Rhode Island landed one of the heftiest availabiliRICHARD CAWLEY ties in New England after retaining New Boston Fund veteran Jerome L. Rappaport Jr. in 2012 to ramp up its acquisitions campaign. People’s United Bank provided $37 million in financing while CHR also assumed an existing $27 million loan from Fannie Mae. Also peddled through CBRE/NE, Grandview Terrace and Grandview Village have been recast as the Water View Apartments, and CHR is spending millions of dollars to “improve curb appeal and infrastructure,” Chief Operating Officer Bobby Zuker said in a statement after the closing which was first detailed by the Real Reporter in November. “This is the type of property we do well with,” Zuker said. “There was a lot of deferred maintenance and so there is plenty of opportunity to put money back into the properties, create value and improve the quality of life for residents.” continued on page 27

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MULTIFAMILY SALES continued from page 26

Founder and CEO Ed Zuker seconded that commitment, pledging CHR will make the Water View Apartments “one of our signature properties” and agreeing that institutional funds are focused on downtown Boston. Conversely, “CHR sees tremendous value and opportunity in Framingham,” he says, pointing out that MetroWest recently appeared in a Money magazine roster of Best Places to Live. “We are delighted to be expanding our portfolio into this marketplace,” says Ed Zuker. Water View Terrace has 300 units set on 4.2 acres, while the 281 units at Water View Village is located on 8.4 acres, with both overlooking the Foss Reservoir. Village units are in a quartet of sixstory buildings, whereas Water View Terrace features a pair of six-story buildings. Elsewhere in the suburban arena, United Multi Family brokered multiple deals during 2012, including the $16.2 million sale of 92 units at 1 Lakeview Ave. in Reading to Albiani Management Realty Trust from M.J. Realty Trust II. UMF President Richard Cawley and Vice President Jason Braun listed the asset that fetched $176,000 per unit and yielded a capitalization rate of 4.9 percent. Developed in 1968, the complex was financed with $11.5 million from South Shore Bank, a mortgage arranged by Cornerstone Realty Capital. Other

10-20 ARMINGTON ST., ALLSTON MA

ALEXAN PEMBROKE WOODS, PEMBROKE MA

deals of note brokered by UMF last year included 36 units in Arlington that sold for $5.7 million and 14 Murdock St. in Somerville, a 30-unit property that yielded $5.25 million, this time for M.J. Realty Trust I, managed by Michael F. Iodice Jr. The buyer is Hampshire LLC, managed by Rekha Madan and Tony Madan, who secured $4.2 million from Leader Bank. Cornerstone also assisted True North Capital in its purchase of 92 units at the University Apartments in Woburn, a deal that closed on the final day of 2012. CBRE/NE was the broker on that transaction, representing seller Emerald Realty Trust I in harvesting the eight-building property located on 2.6 acres near the Winchester town line. Apartment Realty Advisors peddled several “bellwether assets” in 2012, according to principal Richard Robinson of ARA’s New England team that also includes New Hampshire multifamily expert Terence Scott and a team of market specialists. Among the diverse list of properties changing hands, the largest of 2012 for ARA locally would be the 394-unit Highpoint Apartments acquired in the summer by Berkshire Investments of Boston. The $88 million spent was just a beginning; the new owner is upgrading common areas and landscaping even though the asset was just built in 2004, and is also upgrading upper level units to compete as luxury housing, taking advantage of vistas looking to Boston and over Quincy Harbor. “It’s pretty unique,” Robinson says of Berkshire repositioning such a young

asset. ARA specializes in land sales, according to Robinson, and the regional group is handling eight such listings at present. “The land business is very, very strong,” Robinson relays, especially for infill locations. One such parcel near Fenway Park was scooped up this summer for $12.4 million by RICHARD ROBINSON Skanska, the European construction giant that intends to develop multifamily on the former Burger King Restaurant site at 1350 Boylston St.. Robinson declined to discuss that deal, even in identifying the winning bidder, but sources TERENCE SCOTT estimated the pricing equates to $87,000 per buildable unit, a lofty rate even by Boston standards that one expert says is typically closer to $30,000 per unit. Butler says CBRE/NE has also seen a surge of interest for land. “If you can’t buy, you have to build,” he observes while also opining that the hand-wringing over new construction does not take into account that many of the units could well be converted to condominiums, as Millennium Partners is now supposedly pondering for a multifamily building under construction in Boston’s Downtown Crossing. As it is, Butler notes the Hub has been “vastly undersupplied” on rental housing for decades, with the surge now underway seen as a limited infu sion.

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FAXON COMMONS, QUINCY MA

MULTIFAMILY FINANCING continued from page 20

implications facing the seller. “We had a pretty short fuse,” Natalizio says of colleague Brett Pagani and him getting the deal done for a local group that received $10.2 million from South Shore Bank to buy the University Apartments in Woburn (see multifamily sales overview page 20). Mortgage Bankers Association research reveals multifamily lending surged 49 percent nationally in the fourth quarter of 2012 versus the same period in 2011, and jumped 36 percent for the entire year. That compares to a 19 percent increase YOY in retail originations, 10 percent for industrial, 9 percent for office and a 6 percent gain in the healthcare arena. Natalizio—and most other lending professionPAUL NATALIZIO als—were hardly complaining about taking on the extra business finding debt solutions for clients who remarkably were still able to command a better rate than those in the historic lows of 2011, with interest rates dropped into the 3 percent sphere for many core multifamily trades. Commercial banks were so aggressive that non-recourse terms were available for select borrowers, partly reflective of the prized asset class and in response to the return of BRETT PAGANI CMBS lenders to the table after years of absence that gave the edge to hundreds of hometown and regional banks. Cornerstone Realty Capital assisted the Mount Vernon Co. in securing favorable terms on a four-building multifamily portfolio acquired last spring for $13.9 million. The $9.2 million came through First Republic Bank. Cornerstone aided another repeat client on the $23.5 million acquisition of 265 apartments in Malden and Medford last spring, with Greystone Servicing Corp. providing $19.5 million to Anwar Faisal for the assets that are located in five buildings. Walker & Dunlop boosted its regional presence quickly after last year’s merger with CWCapital, whose Needham-based operation had been among New England’s most active real estate finance companies when absorbed in September by the Maryland-based firm. Walker & Dunlop provided $14.4 million for Alta Woods in Stoughton to Fairfield Residential as part of the California REIT’s voracious Massachusetts multifamily buying spree of 2012 (see multifamily sales overview). Wellknown apartment operator Corcoran Management Co. received a total continued on page 29

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MULTIFAMILY FINANCING continued from page 28

of $84.1 million from Walker & Dunlop to separately refinance a pair of South Shore properties, Faxon Commons in Quincy and Weymouth Commons in Weymouth. The lender also assisted Union Square Landing LLC on a $7.05 million refinancing of 301 Union St. in Franklin, a linear mill property featuring 89 residential units known as Franklin Landings. In a just-issued release, Walker & Dunlop announced its volume of multifamily loan originations crested $4 billion in 2012, enough to become the No. 1 ranked Fannie Mae DUS lender. Chairman and CEO Willy Walker terms the news “incredibly excitWILLY WALKER ing” for the organization. “Only five years ago, we were the 10th largest, struggling to keep up with the country’s largest financial services firms who dominated this business,” recounts Walker, adding, “Moving up in the rankings so quickly . . . is due to the exceptional work of the professionals at Walker & Dunlop and Fannie Mae.” The company now has more than 400 employees in 21 offices. The Needham operation has about 60 staffers who went to Walker & Dunlop; one of them is Chief Production Officer Donald P. King III, who terms the transition “quite the ride” and a commingling that went smoother than they often do for firms of their respective girths. “It actually has worked out well, because we haven’t had much client overlap” even in cases where they were in the same markets, King says, and the like-minded cultures of both firms have made it easier as well, he adds. Meanwhile, the CWCapital alum and his colleagues continue to operate from the same

PRINCETON PARK APARTMENTS, LOWELL MA

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Needham office as before the union in early September, after which time the Walker & Dunlop name became commonplace at Bay State Registry of Deeds and public records such as the weekly Real Reporter million dollar sales update. “We did have a very strong year in New England,” King concurs, citing the acuWEYMOUTH COMMONS, WEYMOUTH MA men of his staff, including Andrew Gnazzo, who had an all-star Among DUS refinancings provided by Arbor was season of his own in completing at least 28 $7.05 million for the 61-unit Hamilton Square acquisition and refinancing assignments for Apartments in Foxborough arranged by Director some of the country’s lead- Hal Reinauer of Arbor’s Boston office. Reinauer ing multifamily owners. also assisted the owner of the Franklin Gnazzo’s reach extended to Apartments in West Warwick, RI, in a $3.97 milFlorida and Texas and even lion mortgage for that 80-unit development. Walker & Dunlop’s back Boston colleague John Edwards went cross-boryard, with $175 million of der to New Britain, CT, arranging $6.35 million his $645 million represent- from Fannie Mae for 107 units at the Farmington ing refinancings on market Line Apartments. JOHN EDWARDS Arbor Vice President Ronen Abergel originatrate apartments in Dundalk, Gwynn Oaks, Randallstown ed another $20 million in loans across New England, with the bulk of it and Temple Hills, MD. a $16.3 million refinance Locally, Gnazzo served borfor 10 years of 337 units in rowers in communities Concord, NH. Those properacross Massachusetts. ties are Meadow Brook Franklin Landings was his, Apartments, Mill Place West as were the Corcoran loans, Apartments, Ormond Street with Faxon Commons the HAL REINAUER Apartments, Pines of West largest at $67.5 million. Concord, Pinewood Village, Others ranged from Beverly Commons in Beverly, HOWARD S. REEF Prescott Street Apartments a $32.1 million HUD loan on market rate units. and Vineyard Terrace Simrah Gardens in Hudson secured a $19 million Apartments. Abergel also HUD loan, while delivered a seven-year refiFannie Mae stepped nancing through the Fannie up for Walker Mae DUS ARM 7-6 product Commons with a line on 66-72 Hamilton St. $4.07 million refiin Cambridge, an 11-unit nancing of the affordable-rate prop- HAYLEY SUMINSKI multifamily asset that received $3.69 million. erty. The Arbor results were encouraging in the Another highflier in the Fannie wake of veteran John Kelly accepting a post in Mae DUS arena is the debt and equity division of CBRE/NE, one of Arbor Commercial several key hirings of the year at the firm, headMortgage, and the lined by the arrival of Simon J. Butler and Biria New York-based firm St. John to lead the multifamily sales group. Part also assisted clients of Kelly’s role is to assist potential buyers in throughout the finding debt sources, a function he parlayed continued on page 45 Northeast in 2012.

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RETAIL DEALS

Retail Real Estate a Big Seller in 2012 BY MIKE HOBAN OSTON — High profile trades of Boston’s most popular retail sites were among the biggest stories of the investment sales market in 2012, with the buzzerbeating closing on Liberty CHRISTOPHER ANGELONE Wharf capping a robust year for an asset class that had been brutalized in the recession. The sale of the 75,000-sf mixed-use Liberty Wharf for $65.5 million to Invesco Real Estate by Cresset Development capped a WILLIAM MOYLAN flurry of retail deals that closed in the final throes of 2012. “Liberty Wharf signifies what’s going on in urban retail,” Cushman & Wakefield retail ace Geoff Millerd tells the Real Reporter. “The Seaport is NATHANIEL HEALD on fire. That’s what investors saw when we marketed and sold that

WOBURN MALL, WOBURN MA

deal. We had a great response, lots of interest and it’s a unique asset.” The Northern Avenue property was developed where Jimmy’s Harborside Restaurant stood for decades and is now home to Legal Seafoods, Del Frisco’s Steakhouse, Remy’s Sports Bar and other dining hotspots filling 45,000 sf. The remaining 30,000 sf (office space) is also 100 percent

leased. That sale bookended three unrelated highprofile deals in the store-laden Back Bay. Intense pricing sent some investors scurrying for the exits even as others—including overseas capital—climbed over each other to win the day regardless of the low cap rates and per-sf continued on page 32

NED Reaps $241M In Two Retail Sales BY JOE CLEMENTS ORTHBOROUGH — New England Development builds big—and that is the way they sell things, too, usually the big things they built like the 580,000-sf Northborough Crossing lifestyle center that in 2012 was among the Northeast’s largest retail transactions STEPHEN R. KARP in being traded to Equity One of New York for an impressive $128 million. The property’s main attraction is its Wegman’s Supermarket, the first in Massachusetts, but Equity One is also corralling a wide berth of name-brand tenants including BJ’s Wholesale Club, Kohl’s, TJ Maxx and Toys R Us among the two-dozen tenants. Constructed on a hilltop at the confluGEOFFREY MILLERD continued on page 36 NORTHBOROUGH CROSSING, NORTHBOROUGH MA

Retail Deals Laurie Ann (L.A.) Drinkwater, CCIM Seth J. Richard

Who We Are:

One of the North Eastâ&#x20AC;&#x2122;s Top Perfomers in the Net Leased and Shopping Center Brokerage Industry

What

Do:

Underwrite, Position and Sell Net Leased Assets and Multi Tenant Retail Centers

Who We Deal

Private and Institutional Instituional Developers and National

LaurieAnn.Drinkwater@MarcusMillichap.com www.MarcusMillichap.com/LADrinkwater Boston/New Haven Office Tel: 203-672-3330 Seth.Richard@MarcusMillichap.com www.MarcusMillichap.com/SethRichard Manhattan Office Tel: 212-430-5164

With: Investors, Landlords

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RETAIL A BIG SELLER continued from page 30

price above four figures. Negotiated by Eastdil Secured, a much ballyhooed competition for the Apple Store at 815-825 Boylston St. ($27.5 million) was won by Tribeca APL Boston LLC who acquired the property from Heritage Legacy LLC. Anchored by Fidelity Investments, 801 Boylston ($27 million) was acquired by Frazer Boylston Holdings LP and 28 Newbury St. yielded $26.7 million. As detailed in a focus on Back Bay sales in the Boston investment deals coverage, the trades were especially noteworthy not so much for their dollar volume as for the gaudy price-per-square foot price tags. The Apple Store fetched $1,288 per sf for the 21,350 sf trophy (built in 2006), 28 Newbury St. reaped over $1,400 per sf, and 801 Boylston (which also contains office space leased to Fidelity) went for $1,150 per sf. Both Boylston Street deals were financed by Rockland Trust Co., the Apple borrower securing an $18 million mortgage and 801 Boylston St. amounting to $17.09 million. But the retail picture wasn’t all urban trophy assets, as there was still plenty of appetite for grocery and big box-anchored shopping centers. Daniel Katz of Katz Properties certainly is an ardent admirer of the product type. “Grocery-anchored centers are really our bread and butter,” he tells the Real Reporter. “It’s a cliché, but people have to eat and tend to go to grocery-anchored shopping centers two- to three times a week—regardless of what the

801 BOYLSTON ST., BOSTON MA

NORTH READING PLAZA, NORTH READING MA

economic environment is. So we’re able to keep our occupancy levels high, and we’re able to poach tenants from shopping centers that don’t have key anchors like grocers, and that helps us keep close to 100 percent occupancy.” Katz Properties made three buys in the Bay State in 2012, including a pair of Stop & Shop anchored centers in Stoughton and Fairhaven, plus a Whole Foods anchored plaza in Wayland - all with capitalization rates in the 9 percent range. The New York-based investor picked up the 81,000-sf Fairhaven Plaza for $16.5 million;

the 31,675-sf Wayland Village Plaza for $6.3 million, and the Stoughton asset yielded $15.4 million. The CBRE retail team of Christopher Angelone, William Moylan and Nat Heald represented both Katz Properties and the seller Invesco in the Stoughton transaction along with former colleague James Koury. Angelone and his team had another terrific year in 2012, with the most prominent deal being the $62.1 million Woburn Mall sale that saw Bentall Kennedy acquire the 276,000square-foot shopping center from KGI Properties. The Rhode Island-based investor which has a vast New England footprint spent just $12.5 million for the retail plaza in October 2001 before implementing the dramatic makeover. Woburn Mall is anchored by a Market Basket, with TJ Maxx and CVS as junior anchors and more than two-dozen additional stores. In the summer, the CBRE group brokered the $20.5 million sale of The Big Y at 395 High Plain St. on the Sharon/Walpole line to Los Angeles investor Maxine Dunitz Business Holdings LP. A 44,900-sf Best Buy at 14 Allstate Rd. in Dorchester (South Bay Shopping Center) went to an Edens & Avants affiliate from Vornado Realty Trust for $21 million; and the CBRE/NE team also brokered the sale of the 63,000-sf Rivers Edge Plaza in Haverhill, which went for $9.5 million. C&W engineered some pretty impressive shopping center deals as well, including four on behalf of the “other” Katz busy in Massachusetts last year—Raanan Katz of RK Centers, who picked up the 240,000-sf North River Plaza in Pembroke for $37.2 million. “It really checks all continued on page 34

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RETAIL A BIG SELLER continued from page 32

the boxes,” said Millerd. “It’s what (investors) are looking for. It’s in metro Boston, its dominant supermarket-anchored, and has solid junior anchors in Kohl’s, Staples, and Dollar Tree with some vacancy (about 95 percent leased) and it was a sub-7 cap.” United States Bank financed the buyer with a $34.0 million loan. RK Centers subsequently bought another 54,000 sf across the street, properties also peddled by Millerd and the Capital Markets Group led by Robert E. Griffin Jr., Vice-Chairman Edward C. Maher Jr. and Executive Director Matthew E. Pullen. All three centers were acquired from affiliates of Dead River Properties. Just to show the company gets around, RK Centers outbid competitors to secure a WalMart anchored plaza along Route 28 in North Reading for $11.6 million in an all-cash purchase. The L-shaped center revolves around a one-time Caldor’s Department Store reinvented into anchor and in-line retail, with Marshall’s among the other tenants. The 160,000-sf plaza sits on 21 acres near the Reading town line, as detailed in the Dec. 21st Real Reporter first revealing the commitment by RK Centers, whose founder Raanan Katz is a prolific retail developer with ventures stretching from New England to Florida now exceeding six million sf. In Warwick, RI, Millerd brokered what may be the most interesting large-scale retail deal of the year, where the Rhode Island Mall went to Winstanley Enterprises and partner Surrey Equities for $38 million. What observers say makes the deal noteworthy is that it has thriv-

RAINBOW SQUARE, PEMBROKE MA

NORTH RIVER PLAZA, PEMBROKE MA

ing stand-alone space anchored by Sears, WalMart and Kohl's, but the enclosed mall portion has been vacant since closing in April 2011 (and is still listed on deadmalls.com). The new owners say they plan to renovate the 225,000sf mall and create larger spaces that cater to anchor tenants. Millerd also brokered a handful of deals in the third major food group of this year’s retail crop, which he calls “high-quality, non-supermarket retail.” As the year progressed, pricing levels escalated and cap rates compressed for these assets, he conveyed. “Almost everybody has money for high quality supermarketanchored retail, but because the pricing has gotten so aggressive—we’re now exceeding 2007 levels in most cases—and it’s in high demand with low supply, money is starting to look elsewhere, because (investors) want to get into retail,” explained Millerd. “So what we’re seeing is the pricing on high-quality, non-supermarket anchored retail is getting aggressive as well.” Deals of that ilk handled by C&W include a 37,925-sf plaza that closed just after the new year for Linear Retail in Salem, NH for $8 million. Linear focuses exclusively on such assets and made 10 buys in 2012 alone, including two other New Hampshire deals. “In the second half of last year, the big news was the trophy class of (retail) assets in the city like the Apple building and 801 Boylston St., with large dollar signs and low yields, but there haven’t been a lot of trades in the suburbs for good quality convenience oriented retail,” observed Aubrey Cannuscio, partner at Linear Retail. So Linear stayed in the urban market (in Massachusetts) during the second half, picking up 301-319 Columbus Ave in

BRIGANTINE VILLAGE, PEMBROKE MA

the South End for $1.8 million and a pair of properties on First Street in Cambridge across from the CambridgeSide Galleria in a $5 million buy from a private seller. In other less-heralded conclusions of 2012, a group affiliated with the Fortress Investment Group purchased 1080 Eastern Ave. in Malden, a former CVS store bought from the pharmacy giant for approximately $7 million; Charter Melrose LLC landed a former Johnny’s Foodmaster Main Street site for $8.6 million; Brewster Main St. Realty scored a 16,750 sf retail strip center in Brewster that is 95 percent occupied from Mardin Realty LLC for $2.4 million; and LMV Realty purchased a retail property at 1 Chelmsford Rd. in North Billerica for $2.75 million.

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NED REAPS $241M continued from page 30

ence of Routes 9 and 20, Northborough Crossing came on line in the summer of 2011 after being developed by NED in partnership with Brendon Properties and the Wilder Cos. of Boston, an experienced mall developer in its own right that has a specialty in so-called lifestyle centers such as its flagship Methuen asset, The Loop. In designing the retail portion of a 175-acre mixed-use project, the developers say they wanted to mix the national chains with smaller, local shopping options. NED sold another prime retail center in 2012, cashing out on the Shops at Wisconsin Place in Chevy Chase, MD, for $113.2 million in a transaction negotiated by Cushman & Wakefield’s Boston-based Capital Markets Group that proved to be its largest retail listing of 2012. The buyer was pension fund giant TIAA-CREF, which indicated upon purchase that no significant changes are intended, a notion easy to grasp given the space is 99 percent leased to such retailers as Anthropologie, Cole Haan, Eileen Fisher, MAC Cosmetics and Talbot’s. Food options are plentiful, ranging from the Capital Grille to P.F. Chang’s China Bistro, and the 118,000-sf development is anchored by a Whole Foods Supermarket. A Bloomingdale’s there is not part of the sale, and

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TIAA-CREF also did not secure the property’s mix of office and residential space, owned by Boston Properties and Archstone, respectively. “It’s just an awesome asset,” C&W Executive Director Geoffrey Millerd says of the retail component that New England Development became involved in at the request of a project SHOPS AT WISCONSIN PLACE, CHEVY CHASE MD participant. NED has done other work in the mid-Atlantic, including another local connection in that the 1.1-milretail at Philadelphia International Airport, as the lions-sf transit-oriented project was masterfirm led by Stephen R. Karp has shifted from pure planned by Arrowstreet Inc. of Somerville, which New England mall construction to other concepts also served as retail architect for a property that in 2011 won a US Design and Development and markets stretching as far south as Florida. Among the highlights of the Maryland prop- Silver Award from the International Council of erty is the Whole Foods, an operation Millerd Shopping Centers for establishing new stanterms “the most sought-after retailer out there dards while addressing a specific construction today” that is serving a consumer base able to or design challenge. “The entire property has afford the plaza’s upper-crust stores. “It’s in a been very successful,” says Millerd, with consisvery affluent, very hot market,” says Millerd. tently strong occupancy rates for the luxury res“And you couldn’t ask for better co-landlords.” idential units and the office component Besides NED and Boston Properties, there is anchored by a little outfit called Microsoft.

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Net Leased Real Estate A Prized Item in 2012

WHOLE FOODS SUPERMARKET, 330 RIVER ST., CAMBRIDGE MA

BY JOE CLEMENTS OSTON — Sometimes, it is hard to know what the world is producing more of: net leased real estate or investors clamoring to buy into that asset class, but the pace of such properties trading in 2012 seemed especially elevated in New England. On the retail front, free-standing chain restaurants, pharmacies and national niche chains such as a Verizon store—two of which ROBERT HORVATH Marcus & Millichap sold in the Bay State last year— were among the most popular choices for smaller investors, market watchers relay. The surge was evident at net-lease stalwarts Marcus & Millichap, which TODD TREMBLAY had a record year, and for the ever-hustling Waltham-based team led by Robert Horvath and Todd Tremblay. They also 141 transactions, a total accommodation for

which they declined to divulge pricewise. The accumulation was attained through a diverse series of net-lease trades that included child care centers in Littleton and Peabody, plus the aforementioned Verizon Wireless properties that reaped $3.48 million in Westfield and

“

It was the busiest December I’ve ever seen in the business.

”

ROBERT HORVATH Marcus & Millichap

Worcester in a package sale to one buyer, listed in Registry of Deeds records as John Medeiros, who bought the assets in December while they were still being fit out. Marcus & Millichap advised seller Noble Development and procured the buyer of 87 Gold Star Blvd. in Worcester and the Westfield property on Route 20. Horvath and Tremblay completed deals from

New Hampshire to Florida and Texas last year, estimating about 60 percent of the activity was in New England. Regionally, it ranged from a 711 in Salem, NH, to high-end retail in Darien, CT. In between, there was an International House of Pancakes and second restaurant in Newington, CT, that fetched $3.24 million; netleased child care centers in Danvers ($3.1 million) and Littleton ($2.97 million); and a TD Bank-anchored plaza in Framingham that went for $1.8 million. Horvath relays the surge was not totally unexpected given the rising popularity of net leased retail, but he opines it was enhanced by outside forces such as the US Presidential election and the tax law issues that were a concern for many sellers. Whatever the formula, “it was the busiest December I’ve ever seen in the business,” says Horvath, joining with Tremblay to complete 26 assignments that month alone. One of the other top net-leased deals tendered was a Savers supermarket at 2035 Washington St. in Hanover, MA, that yielded $4.5 million in December. Savers signed a triplenet lease for 10 years to occupy 20,000 sf in the continued on page 38

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SAVERS SUPERMARKET, 2035 WASHINGTON ST., HANOVER MA

NET LEASE RE continued from page 37

CelebraƟng Over 60 Years of InvesƟng & RelaƟonships

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30,625-sf building that also features a local clothing store. It was bought by an affiliate CTS Capital Management from Merchant Hanover Properties LLC. The brokerage assignment was handled by Horvath and Tremblay along with Vin Albanese and Andrew Bonica of Eastern Retail Properties. SCOTT DRAGOS Even uncluttered Vermont had something for buyers, with the Marcus & Millichap duo harvesting a 16,750-sf retail center housing a Banana Republic and Gap in Manchester, VT that reaped $5.25 million in November. The buyer of Battenkill Plaza at 4733-4763 Main St. in the town center is Kleban Properties. NAI/Hunneman made its own net-lease magic in 2012 by soliciting the owners of two DOUGLAS JACOBY CambridgePort retail properties including a 40,000-sf Whole Foods Supermarket on behalf of a New York REIT coveting such opportunities. The result of the broker chutzpah was an $18.8 million investment by their client in two separate sales that closed in February. Acadia Realty Trust was represented by Senior VPs Scott Dragos and Douglas Jacoby and Associates Mitchell Levey and Sean Ryan in the sales, with Whole Foods develop- MITCHELL LEVEY ers Laura Kennedy and Thomas Kennedy securing $12.2 million for 330 River St. while the remainder was dispatched to a Florida investor who owned the Rite-Aid Pharmacy at 340 River St. A pair of California-based investors have found their way to Middleton to acquire a stand-alone, net-leased CVS Pharmacy at 220 Maple St. The 11,875-sf unit that sits on a 1.1-acre parcel along Route 62 traded for $10.1 million to Lewis Family SEAN RYAN Management Co. and Maple Street Group. The Lewis Family secured a 54 percent ownership versus 46 percent for the Maple Street Group LLC. The seller is Maple Street CVS Nominee TR, whose trustee is Joseph M. Pelich. Its prior sale was $1,050,000 in Feb. 2007. Commerce Bank & Trust financed the Golden State investors with a $7,000,000 mortgage for a property leased to CVS for another 20 years. That note was arranged by Fantini & Gorga Managing Director Casimir Groblewski.

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INDUSTRIAL DEALS

NE Industrial Flexes Its Strength BY JOE CLEMENTS OSTON — Hands down, Colony Realty Partners gets the thumbs up for most significant industrial sale of 2012 in New England, as the firm beguiled skeptics who dismissed the value of a 1.2-million-sf portfolio that brought more than $90 million from Exeter Property Group. The buyer is a Pennsylvaniabased newcomer enthralled by the assemblage of buildings acquired by Boston-based CRP sufficient enough to win a spirited contest orchestrated by Cushman & Wakefield. The properties are in Franklin and Taunton, including 275 John Hancock Rd. (238,000 sf) and 800 John Quincy Adams Rd. (350,000 sf) in the latter community’s Myles Standish Industrial Park, with those structures developed in 2001 and 1985, respectively. Calls to CRP principals were not returned by press J.R. MCDONALD deadline and C&W officials declined to discuss the transaction that was first unveiled by therealreporter.com in late September, with the closings occurring one month later. Six of the eight buildings are in Franklin’s Forge Park, a respected corporate complex off Interstate 495. The buildings there at 8, 9, 10, 15, 20 and 22 Forge Park encompass just over 600,000 sf. The entire portfolio was 91 percent leased at the time of its October sale which was orchestrated by the C&W team of Robert E. Griffin Jr., Edward C. Maher Jr. and Matthew E. Pullen of the Capital Markets Group, who worked closely with leasing specialist J.R. McDonald as agents for Colony Realty. Tiny by comparison to nearly every other region in its industrial stock, there were a heightened number of local sales in that category consummated in 2012, a pace that some attribute to an improved economy and anticipated need for more industrial space, plus a desire to diversify on product type and geographically, making the rare institutional-grade industrial asset in New England especially coveted. Adding to the fervor on the lower end of the spectrum were the user buyers who parlayed historic low interest rates and stimulus incentives to own versus lease buildings, a common trend in 2012 for property sales as reflected in the various trades.

9 FORGE PARK, FRANKLIN MA

8 FORGE PARK, FRANKLIN MA

Whether there is indeed a correlation, the activity level for industrial sales was markedly better than in past campaigns, according to veteran brokers spoken to who add the final month was especially fervent ostensibly due to fears of a tax rate adjustment, the sort of which has indeed come through to begin 2013. One hefty deal that did not seem driven by tax matters involves a massive distribution center in Woburn that Equity Industrial Partners bought for $33 million over the summer in a sale/leaseback arrangement with Marshalls. Working through a conduit, the savvy Needham company picked up the sprawling property near the Anderson Woburn commuter rail station just behind the Woburn Mall. EIP was among several local firms that seemed to put the travails of the 2008 recession behind them in roaring back

through purchases such as the Woburn asset. One of the user sales occurred in July when Alexandria Real Estate harvested 155 Fortune Blvd. in Milford to Nitto Denko Avecia Inc., subsidiary of a leading global chemical company and long-time tenant. The 36,000-sf manufacturing facility that dates to 1986 sits on nine acres along Interstate 495, with access from Exits 19 and 20. Colliers International negotiated the sale of a facility Alexandria purchased for $6.8 million in July 2005. “It’s a very nice property,” reports Colliers Executive VP Lisa Campoli, with various improvements made over the years. The following month in Avon, an investor strategy with an intriguing twist drove the $7.5 million purchase of a prized cold storage warecontinued on page 40

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NE INDUSTRIAL continued from page 39

house desired by multiple bidders despite a devastating fire in the facility that caused $5 million in damages and led to its being given back to the lender, GE Credit Equities, in Nov. 2011. Richards Barry Joyce & Partners negotiated the sale of 55 Murphy Dr. from GE Credit Equities to H.N. Gorin. The Boston firm that has a legacy of developing downtown office buildings but now appears to be chasing suburban industrial bought the well-regarded Avon asset in August. JOHN EYSENBACH Principal Kristian Gibson detailed to the Real Reporter at the time plans to offer refrigerated space there to multiple parties through a third-party arrangement, a concept others say could work given changing leasing CRAIG JOHNSTON patterns favoring flexibility and a dearth of similar product. In an intriguing follow-up, H.N. Gorin last month paid $8.0 million for a 55,500-sf warehouse in Northborough, a deal backed by $5.6 million from Blue Hills Bank. It is unclear whether that investment is related to the broader concept. Certainly trying to decipher a pattern to the industrial frenzy is difficult, with a review of deals indicating widespread activity and divergent buyers. One thing appears clear, however; the flow was virtually unending from start to finish in 2012, and real estate brokers across the land were beneficiaries to the ardor. R.W. Holmes Realty of Wayland was among them,

275 JOHN HANCOCK RD., TAUNTON MA

55 MURPHY DR., AVON MA

with the firm tendering a variety of seven-figure trades. In one, Senior VP Craig S. Johnston, Senior VP and Executive VP John Eysenbach represented seller DSN Realty TR and procured the buyer of 205 Flanders Rd., Westborough, for $4,567,560. The building is a 76,125-sf manufacturing building situated on 5.6 acres. R.W. Holmes spent plenty of time in the area during 2012, also selling 145 Flanders Rd. for $1.45 million and 203 Flanders Rd. in a $1.6 million transaction. The brokerage operation had double-digit deals in excess of $1 million last year, with another substantial sale being 604 Main St. in Shrewsbury, which yielded $4.5 million for its seller. In Natick, R.W. Holmes participated in the $2.57 million sale of 177 Pine St. and 5-7 Michigan Dr., bought for $1.6 million by Michigan Drive LLC. Broker Bill Sullivan traded 108 Forest Ave. in Hudson for $1.3 million, while 135 Maple St. in Marlborough went

for $1.37 million. A Sudbury property at 80 Union Ave. changed hands for $1.7 million and in a deal to close out 2012, Johnston and Eysenbach assisted the owner of 47 Sumner St. in Milford on their sale of the 135,000-sf manufacturing building to Planet Aid, a group which promotes social causes through clothing and shoe donations. Bret O’Brien of Greater Boston Commercial Properties Inc. represented the buyer, who paid $1,250,000 for the asset to which the firm plans to relocate its regional distribution hub from 1 Cross St. in Holliston, a property which it had outWILLIAM SULLIVAN grown in recent years. In another deal involving Greater Boston Commercial Properties Inc., broker Benjamin Gatti of Greater Boston Commercial Properties Ind. represented Sandra & Anthony Antico Real Estate in the purchase of 289 Elm St., an 80,000-sf industrial building in Marlborough on six acres. The buyer also acquired an additional 12 acres adjacent to the property for future commercial development. The total purchase price for the building and the land was $2.9 million. The buyer plans to occupy 10,000 sf for his sprinkler company, A.J. Antico Irrigation Systems. Seller Marlborough Elms LLC was represented by David Curley of O’Brien Commercial Properties Inc. The seller is leasing back 21,000 sf for his used furniture company, the Bottom Line Exchange. Other tenants in the building include Bunker Floor Supply, which occupies 25,000 sf, and Mass Athletics LLC, continued on page 42

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Vice President Director â&#x20AC;&#x201C; National Retail Group MA Tel: 781.373.7123 CT Tel: 203.672.3324 Cell: 617.777.0480 rhorvath@marcusmillichap.com

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NE INDUSTRIAL continued from page 40

which just leased 4,000 sf for batting cages. Calare Properties took on several ambitious ventures in 2012, but the one that stood out thanks to intense media scrutiny was the firm’s $8.3 million purchase with Hackman Capital of 112 Barnum Rd. in Devens, a 450,000-sf behemoth constructed at a cost of $200 million for now-defunct Evergreen Solar. That firm’s demise rocked the state BRET O’BRIEN after large amounts of funding was provided for what had been an up-andcoming star on the solar stage before burning out in the summer of 2011. The salvation on Barnum Road occurred a few months after the April BENJAMIN GATTI acquisition when the new owners landed Saint-Gobain, a Frech multinational corporation that is leasing about half of the facility to manufacture LEDs, Calare

289 ELM ST., MARLBOROUGH MA

President William Manley explained in a midyear press release. “We learned that SaintGobain was looking for a premiere property with a modern infrastructure, and this building was a perfect fit,” he outlined. “This property offers significant intrinsic value,” added Michael Hackman who says he believes the asset in the Barnum Business Park located two miles from Route 2 is poised to lure even more tenants for the estimated 200,000 sf remaining.

Calare also flipped a property in Billerica, paying $1.7 million for Building Four at 900 Middlesex Tpk. in May 2011, then quickly leasing all 94,000 sf and selling it for $7.3 million in September to the RAM Cos. of Maine. Based in Hudson, Calare separately paid $11.6 million for 25 Tucker Dr. in Leominster, as relayed in the same article. That deal for more than 588,000 sf was negotiated by Timothy O’Callaghan of Binswanger (see related story page 3).

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Lawyers Enjoyed Real Boost in 2012 B

BY MIKE HOBAN OSTON — They say a rising tide lifts all boats, and that seemed to be the case for the real estate practices of law firms regionally in 2012 as the CRE market continued to rebound. Firms say they saw momentum crest higher in both acquisition and lending work as the year progressed from a sluggish start to a very busy LAW FIRMS year end. Attorneys attributed some of the robust fourth quarter action to the pending capital gains increase, but acknowledged that historically low interest rates and a more competitive lending environment were also factors. “2012 got off to a bit of a soft start, and it was hard to get deals done in the first part of the year, but then the second half picked up and was really strong,” reports Saul Ewing partner Sally E. Michael. “We saw a lot more transactions and there were many, many more acquisitions and financings that came together in the second half.” In addition to closing SALLY E. MICHAEL on an $18.5 million, 91unit multifamily portfolio in Allston and West Roxbury for the Hamilton Co. in October, Michaels and Saul Ewing assisted Woburnbased KS Partners in the $65 million acquisition of an eight-building, SHERYL C. STARR 620,000-sf office portfolio in Rocky Hill, CT, from the New Boston Fund. And earlier in the year, Saul Ewing partners Jim Shulman and Don Lussier assisted RJ Kelly in picking up the Providence trophy GTECH Center office tower for $51.5 million. Michael says some of the momentum her office is experiencing is due to the merger in July 2011 when her former firm (Dionne & Gass) became the Boston office for Saul Ewing. “There are opportunities that we have now that we might not have had before,” she affirms, including work they are currently doing for STAG Industrial (via a connection at the Baltimore office) and RioCan, Canada's largest real estate investment trust, which focuses

exclusively on retail. clients. “The last quarter of last year we were Michael also credits the lending environ- extraordinarily busy, and were at or over capacment for a lot of the business. “Because rates ity in terms of hourly billing,” he recounts. were so low throughout the course of the year, “Maybe some of it was because at year end it encouraged our clients to go back and re- there were concerns about the capital gains tax, finance properties,” she explains, adding, “We but at the same time it was just a very active also saw a lot of CMBS loans, which we had not quarter.” seen in a while.” Her firm did Much of its activity was driven CMBS loans with JPMorgan, by “the 2007-2008 five year debt Barclays, and Cantor (the nation’s turning,” with a lot of real estate third largest CMBS lender), and owners refinancing those arrangearranged financings through variments, but Freeman says the firm ous lending institutions of note was busy on the acquisition front regionally (Brookline Bank, as well. Mintz Levin assisted an Cambridge Savings Bank and affiliate of Colony Realty Partners Sovereign among the more active) in acquiring a seven-property and also did business with the industrial portfolio located outside Connecticut-based People’s of St. Louis, MO from Prologis; and United Bank, Rockville Bank and helped an unnamed fund client in the Savings Institute. “The than 25 separate sales of We’re definitely more Connecticut banks are becoming office, multifamily and industrial more regional and the Boston seeing an uptick in properties—where sale prices banks are also spreading out,” all types of real ranged from $15 million to $70 reports Michaels. “They had great estate transactions. million—and represented the rates and wonderful lending prosame client in more than 15 term grams and our clients did really loan financings with CMBS, insurPAUL L. FELDMAN well financing and refinancing ance company and other balance with a number of those local sheet lenders. regional banks. Also enjoying an event-filled campaign was Mintz Levin partner Eric J. Freeman conveys Bernkopf Goodman, according to partner Sheryl that his firm enjoyed a torrid fourth quarter to C. Starr. “I thought the whole year was really close out a solid year, particularly with fund continued on page 45

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LAWYERS ENJOYED BOOST continued from page 44

good, it just picked up steam from the beginning to the end,” she relays. “I think the whole (market) was spurred largely by readily available financing. We had historically low interest rates—at least for ERIC J. FREEMAN good sponsors—and a lot of lenders are still doing non-recourse or partial recourse lending, so I think that made everything hot.” BG assisted in a number of acquisitions across all property types, but was especially active in the mulKENNETH M. GOLDBERG tifamily arena. Starr represented a pair of Chestnut Hill Realty Corp relat-

MULTIFAMILY FINANCING continued from page 29

into $130 million of business despite not joining the firm until the second quarter. “It was great,” Kelly tells the Real Reporter in crediting the Butler/St. John influence for perking up the volume. Universal Management, the buyer of Stoney Brook Village in Millis, was provided $17.8 million after paying $21 million for that 202-unit complex, funding delivered by CBRE Multifamily Capital Inc. Another major deal was the $60 million CBRE Capital Markets Inc. provided on Station 250, the high-end apartment community bought by Archstone in August for $94.5 million, as detailed in the main multifamily investment sales story. “It’s all about being part of an integrated capital markets solution,” says Kelly, a notion shared by Butler who praises the arrival of his new partner. “We’re happy to have John on board,” he says. “It’s a real value add to our clients who can be looking at sales opportunities but also have a refinance opportunity if they decide they want to go in that direction. We can now provide that to them and a whole range of other services in the bigger platform.” CBRE/NE did until 2011 have mortgage banking veteran Paul Donahue in Kelly’s role, and having since moved on to Centerline Capital Group, Donahue was also busy in 2012 assisting clients in his post there as Managing Director. Perhaps Centerline’s most memorable deal regionally for the year was securing a 10year interest only loan through Freddie Mac on

THE ANNUAL REVIEW ed entities in the $84.5M purchase of 581 apartment units at Edgewater Terrace and Edgewater Village in Framingham (along with partner Kenneth M. Goldberg); a $12 million financing for construction of a new 27-unit condominium project (Hammond Pond Place) on Hammond Pond Parkway in Chestnut Hill, by Glenland Road LLC from Brookline Bank; and a $49.3 million first mortgage financing of Norwest Woods, a 406 unit apartment property located in Norwood, by Norwest Woods LLC, another Chestnut Hill Realty Corp. related entity. Those funds came from Berkadia Commercial Mortgage. But it wasn’t all multifamily, as BG closed deals on office, hotels, retail centers and a single tenant car dealership property in Danvers. Starr says lenders are beginning to get more creative, and pointed to a deal that was originated by East Boston Savings Bank for the $25.2 million first leasehold mortgage loan to Watch City Ventures PH1 LLC, for the historic

45 rehabilitation of the 177,000 sf Waltham Watch Factory into commercial office space and related amenities. “There were historic tax credits and ground lease financing . . . it was an interesting deal and the lender had to be a little creative,” Starr explains. Over at Davis Malm & D'Agostine, managing partner Paul L. Feldman conveyed that business picked up dramatically in “the last quarter of 2012 and into the first two months of this year. We’re definitely seeing an uptick in all types of real estate transactions, not only in financing.” Among the deals in the final quarter were construction financing arrangements for a self-storage facility at 920 E. First St. in South Boston and the new Bernardi dealership in Natick, plus a substantial lease transaction for Teladyne at Fort Devens. And in a well-publicized deal, Feldman and Davis Malm executed a two-year option agreement to buy 30 acres of land in Massachusetts to build a gambling resort for Wynn Resorts Ltd.

behalf of Princeton Properties. Donahue and ers in a difficult light when loans were taken colleague Hayley Suminski got the $108.2 mil- over by the Lone Star Funds. The Texas-based lion loan that covers 1,615 units in 14 group beguiled many top property owners, Massachusetts and New Hampshire multifamily including Irish nationals John McGrail and properties despite what Donahue noted at the William Hearn, plus Equity Industrial Partners of time was a trend against interest-only instru- Needham. The good news in last year was the first two did find solutions through ments in the wake of serious abuse in Goedecke that enabled them to refithe 2000s, plus the sheer size of the nance and/or repurchase properties request. under Lone Star’s control. Lowell-based Princeton’s reputaAs detailed in prior Real Reporter tion as an owners and operator of issues at the time, McGrail’s Mayo more than 6,000 units helped the Group and Hearn were given another cause, Donahue told the Real shot thanks to Cantor Commercial Reporter in December after cementReal Estate Lending, which funneled ing the commitment. “The properties DONALD KING $32 million to McGrail covering 366 are located in markets with solid real units, while Hearn was loaned $9.6 estate fundamentals with a strong million that enabled him to buy back demand for multifamily housing, and 198 units in three Lynn properties for have experienced strong occupancy $10.6 million after Lone Star had rates,” adds Donahue. “These factors attemped to take them over. Hearn made this a solid deal for credited both Goedecke principal Centerline.” The borrower offered a Shawn Herlihy and Casner & Edwards similar outlook. “We are extremely pleased with the refinancing execu- ANDREW GNAZZO law firm for getting him out of that tion provided by Centerline’s very experienced dire situation. “I feel very good that we have team,” Princeton CFO Howard S. Reef said in a positioned ourselves quite well for the future,” statement, adding that the terms and lower Hearn told the Real Reporter, a view shared by interest rates “provide great benefits to our McGrail for his firm that is based in South Boston and owns both commercial and multicompany.” Goedecke & Co. embarked on several rescue family buildings.”John is back,” Herlihy emphamissions in 2012 to help pluck clients out of a sized when the entire $36 million package was sea of overleveraged loans thrust on Bay State announced . “This is the beginning of a very shores by Anglo Irish Bank during that lender’s exciting phase for the Mayo Group,” McGrail rampage in the 2000s that became a red tide of added in a statement. The properties covered losses for the institution and put many borrow- are in Boston and Lynn.

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Users are Winners in 2012 CRE Game BY JOE CLEMENTS RAMINGHAM — Users had a big role in the commercial real estate sales game in 2012, and the operative term is B-I-G. There were actually plenty of trades under $10 million by firms taking advantage of federal loan programs and record low interest rates to own versus lease, but the trend extended to the very top as exemplified in TJX Cos. paying an aggregate $116 million to wrest away a family heirloom from the Campanelli Cos., owners of 770 Cochituate Rd. in Framingham until its occupant made the Braintree based real estate company an offer it did not refuse, one negotiated with Eastdil Secured advising TJX Cos. and Richards Barry Joyce & Partners representing the seller. Officials at both real estate services ONE CONSTITUTION WAY, FOXBOROUGH MA firms declined to acknowlAs to the edge their involvement, Me reportedly due to the buyer “What, GEORGE “TONY” HEWETT wanting to retain a low pro- Worry?” set, file that proved impossible brokers spoken to achieve given the size of to note that the asset and the impact on users can often spend more on the local community. According to Cushman a building than & Wakefield, less than investors, and 290,000 sf of space was can be greatly acquired by users in the advantaged by DAVID L. PERGOLA region during 2011, but financings such that number jumped tenfold this year to 2.4 mil- as the popular lion sf. The interest rate climate is deemed as one Small Business factor, plus incentives to own versus rent. And Administration long-awaited federal accounting changes sup- 504 lending 240 FORBES BLVD., MANSFIELD MA posedly favor ownership for companies in terms program that of their tax treatment, an issue firms such as was a major force in the 2012 sales activity Hewett, and not just over sellers trying to wrap Cresa Partners have been telling clients for most throughout New England. A caveat requires the up deals for tax purposes. The SBA this year of the decade. Whatever the influences, many borrower fill at least 51 percent of the structure enabled 504 funds to be used for refinancing a brokerage firms selling commercial real estate for its own operations, and that has proven a loan, an unprecedented provision that ran until across New England were often involved in a workable caveat for many borrowers. The Lacerta September. Those who made the cut then had a user transaction last year. On the North Shore, Group received 504 financing of $3.8 million short time period to complete the process, furNordlund Associates tendered seven transactions from RBS and South Eastern Economic ther bottling up the home stretch. Hewett worked on a broad scope of transacin excess of $1 million. Of those, six involved user Development, for example, the latter entity certitions, assisting the owner of an air compression situations. NAI/Hunneman Commercial Corp. fied by the SBA to compile such instruments. Davis Malm D’Agostine partner George equipment firm buy an 18,500-sf commercial principal Catherine Minnerly and Associate Ovar Osvold also completed multiple user deals in “Tony” Hewett has been handling SBA 504 condominium at 32 Riverside Dr. in Pembroke 2012, helping Yale Appliance buy an 80,000-sf loans for decades and reports 2012 was among for $1.26 million. The deal was backed by New building at 75 Campanelli Pkwy. in Stoughton for the busiest ever, rivaling 2006 to 2007 during England Certified Development Corp. and $3.7 million and divest its former location at 240 commercial real estate’s last true boom. Eastern Bank with a total consideration of Forbes Blvd. in Mansfield to the Lacerta Group in Compared to what followed, 2012 was refresh- $1.23 million. Eastern Bank is a leading supa $4.3 million trade. That custom packaging ingly active, says Hewett. “We did them all over porter in the region for 504 deals. Hewett and NECDC also participated in a company will occupy the Mansfield space for its the state,” he relays, and to no great surprise, the final quarter was especially hectic, concurs growing needs. continued on page 47

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financing of 300 Winthrop St., a Medford nursing home bought by MRNC Realty for $7.5 million and funded through Brookline Bank and NECDC in mortgage financing of $6.3 million. In Chelmsford, NECDC and Bank of New England financed the $1.24 million purchase of 5 Courthouse Ln. in Chelmsford with financing of $1.2 million. Other groups active in funding 504 loans included Bay Colony Development 240 FORBES BLVD., MANSFIELD MA Corp., Granite State ized in late March. Seen as a cost-efficiency CATHERINE MINNERLY Development Corp. and move by the seller, the process was fomented by SEED. an expanding MathWorks coveting its neighThe larger set, of borâ&#x20AC;&#x2122;s property. The high-flying software compacourse, has more powerful ny has previously demonstrated a predilection tools at its disposal, includ- for owning its facilities, having acquired may ing cash reserves that can properties surrounding its once-tiny venue in be deployed to buy at the area. R.W. Holmes is representing whim. In another block- MathWorks in that process; President Garry buster move, Boston Holmes declined comment. OVAR OSVOLD Scientific announced a plan In yet another key user deal, software comto sell its Natick headquarters and relocate to a pany Meditech paid $19.8 million for One site in Marlborough after Natick neighbor Constitution Way in Foxborough, a vacant MathWorks proposed buying the Boston 208,000-sf office building acquired from REIT Scientific complex, a deal expected to be final- Management. Eastdil Secured and CBRE/New

England principal David L. Pergola negotiated that transaction between the two parties, but did not respond to inquiries, reportedly at the behest of the buyer. Regardless, it proved to be one of the most significant trades of 2012 for the submarket. Meditech had planned to build a property in Freetown, but that $65 million plan was abandoned in favor of the Foxborough option. Commonwealth REIT had bought the asset 10 years ago for $30 million. Developed in 1988 by Cabot, Cabot & Forbes, the four-story structure most recently housed OneBeacon Insurance until that firm moved to Route 128 five years ago.

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Selling Out, Cashing In For Campanelli in 2012 BY MIKE HOBAN RAMINGHAM — ‘Buy Low, Sell High’ is a phrase that may well predate creation of Wall Street, but the adage seems to be a guiding philosophy Campanelli has been employing since the recession hit town in 2008. The Braintree-based developer and investor capitalized on some astute recession-era acquisitions this past year in harvesting a handful of those assets. The firm also participated in one of the decade’s biggest suburban deals when polyester purveyor TJX Cos. bought Campanelli’s 770 Cochituate Rd. in Framingham in one of the year’s largest suburban office deals. TJX purchased their headquarters from Campanelli for $106.7 mil30 PERWAL ST., WESTWOOD MA lion (plus spent $9 million for an adjoining parcel) as Technology Park Dr. in part of a 20-year tax incre- Billerica; 5 and 10 Cornell Pl. ment financing agreement in Wilmington; 255, 261 and with the town. Campanelli 265 Ballardvale St. in ROB DEMARCO had constructed the Wilmington; and 9 Townsend 800,000-sf campus for the retail giant, tethered Dr. West in Nashua, NH. to a long-term lease. The five-story office building After selling the New that dates to 2000 features a three-story glass Hampshire property and 5 atrium, full service cafeteria, gym, child care cen- Cornell Pl. to their occupants ter and a 310-seat auditorium. It also sports sig- at a price well above acquisinage facing the Massachusetts Turnpike. tion costs, Campanelli began renovating and leasing up the remainder of their 2010 60 RESEARCH RD., HINGHAM MA acquisitions. And this autumn, company officials the Real Reporter at the time of the sale. In another 2012 deal, Campanelli also sold began to harvest the fruits of their labor. In two separate transactions, the properties from the 60 Research Rd. in Hingham, a 58,600-sf, twoGS portfolio returned a total of $14.8 million, or story office and industrial building on a 6.7-acre just $1 million shy of the original sales price of parcel in South Shore Park. The off-market TJX COMPANIES HEADQUARTERS, FRAMINGHAM MA the entire portfolio. Spaulding & Slye transfer to A.W. Perry for $3.6 million involves a Other assets sold in 2012 were byproducts of Investments, represented by Jones Lang LaSalle, building that was originally purchased by the BLSH strategy Campanelli has employed to acquired 255 and 261 Ballardvale St. for $5.8 Campanelli from Sager Electronics in 2002. great result. Having largely sat on the sidelines million, and Cabot Properties (Cabot Industrial Campanelli then renovated and fully-leased the during the dramatic run-up of the mid-2000s that Value Fund III) purchased 10 Cornell Pl. and space in a 10 year deal to ADP (currently had many competitors overpaying for properties, 265 Ballardvale St. for a combined price of $9 Broadridge), whose lease expired in June. Thirty Perwal St. left the Campanelli comCampanelli started pursuing an aggressive acqui- million. Eastdil Secured was the exclusive listing pound in December when the Bulfinch Cos. sition strategy in 2010, both alone and later with agent to Campanelli on those deals. capital partner TriGate Capital of Dallas. Campanelli was able to discharge the prop- swooped in to buy the refurbished property for The firm opened 2010 with the acquisition of erties after the aggressive fit up and leasing $9.5 million. Soon after Campanelli acquired 30 300 Crown Colony Office Park in Quincy, then campaign in 2011 saw the occupancy of the Perwal St., the firm had landed an affiliate of teamed with TriGate to land 30 Perwal St, an Ballardvale buildings go from a sub-30 percent Steward Healthcare and renovated the building aging flex/office building in Westwood from occupancy rate to full tenancy in less than a into modern space that observers say justifies Analog Devices. Two days later, the firm acquired year. “Because we bought the buildings at the the quick markup. Cushman & Wakefield’s eight properties in Wilmington, Billerica and right basis and we were able to provide a Capital Markets Group advised the seller and southern New Hampshire for $15.9 million from turnkey solution for those incoming tenants, it procured the buyer, a Needham-based firm that an overleveraged portfolio taken back in a really allowed us to (beat) the competition and has begun pursuing healthcare-related buildrestructuring listed through Eastdil Secured. The bring those buildings to 100 percent occupan- ings. RBS Citizens financed Bulfinch with a $6.3 buildings taken over included 700 and 900 cy,” Rob DeMarco, president of Campanelli, told million mortgage.

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LIBERTY WHARF, BOSTON MA

SEAPORT PORTFOLIO continued from page 8

ket and diverse tenant roster in the assets. “We believe there is significant opportunity to add value to the portfolio by capturing the growth in the Seaport and by bringing rents up to market levels.” HFF Managing Director Coleman Benedict and JOHN FOWLER Director Benjamin Sayles led the contingent representing the portfolio’s ownership. “These buildings have great bones and really lend themselves to today’s tenants,” Benedict says in a press release in which he explains the brick-and-beam buildings provided “open spaces, abundant infrastructure and collaborative work environments” sought by modern employers. Eastdil Secured Managing Director Peter Joseph also maintains the Seaport revival appears legitimate after a quarter-century of false starts. “The momentum is there and it is very strong,” says Joseph, citing access to Logan International Airport and a range of new amenities and housing options among the cornerstones of the 1,000-acre district’s popularity. The Eastdil team that includes Brian Barnett, Sarah Lagosh, James McCaffrey and Christopher Phaneuf also helped Spear Street Capital take Eastdil Secured Managing on a pair of Summer Street assets in Director Peter Joseph on 2012 and served as capital markets Boston’s Seaport District. advisor to State Street Corp. in its planned relocation to Channel Center. “You can just look at the names (Clarion, DivcoWest, Invesco, Shorenstein) of the (investors) there now and realize something is happening,” says Joseph. A well-known local entry jumped into the fray this spring when the Davis Cos. overtook 24 Farnsworth St. through a note acquisition that led to an outright purchase. The 75,000-sf office building that was at 15 percent occupancy when purchased is now at 50 percent, reports CEO Jonathan G. Davis, who adds he is optimistic of having the asset fully leased by year’s end. Invesco’s new conquest is credited by many for invigorating the Seaport with a roster of top-ranked restaurants in the mixed-use property that encompasses 45,000 of retail and 30,000 sf of fully leased office space. Del Friscos Steakhouse, Jerry Remy’s sports bar and a large Legal Seafoods are among the dining denizens of Liberty Wharf. “We absolutely love the asset,” Cresset principal William G. Curtis V told the Real Reporter in an article confirming his company’s intention to sell that appeared just prior to the trade in the final week of 2012. “But the numbers were just too compelling to pass up,” says Curtis, whose co-founders of the 12-year-old firm include John H. Baxter and Edward G. Nardi.

“ is there The momentum and it is very strong. ”

2012 WAS A RECORD YEAR. SYNERGY INVESTMENTS WOULD LIKE TO THANK THE FOLLOWING FIRMS FOR HELPING US EXECUTE 76 LEASE TRANSACTIONS! AVISON YOUNG BOSTON REALTY ADVISORS BROWN & WAGNER CASSIDY TURLEY FHO CB RICHARD ELLIS COLLIERS INTERNATIONAL CRESA BOSTON CUSHMAN & WAKEFIELD JONES LANG LASALLE LANDMARK REAL ESTATE ADVISORS MCCALL & ALMY NAI HUNNEMAN NEWMARK GRUBB KNIGHT FRANK RICHARDS, BARRY, JOYCE & PARTNERS T3 ADVISORS UGL EQUIS WYMAN STREET ADVISORS

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28 NEWBURY ST., BOSTON MA

BACK BAY BONANZA continued from page 4

above 3 percent with future upside and tax advantagesâ&#x20AC;&#x201D;it makes sense for a lot of people,â&#x20AC;? observes Joseph. And overseas funds who covet urban retail in core locations appeared even more driven, as London-based fund Tribeca Capital polished off other bidders with a willingness to pay a sub-4 percent capitalization rate for the Apple Store. Interestingly, Tribeca separately harvested 801 Boylston St. next door in a $27 million sale to an Irish buyer, Frazer, which spent $799 per sf for that three-story office/retail building occupied by Fidelity Investments. While concurring that the 815 Boylston St. price was an eye-popper on a per-square-foot basis, Joseph relays that New York City retail is fetching upwards of $7,000 per sf. â&#x20AC;&#x153;Thatâ&#x20AC;&#x2122;s out of control,â&#x20AC;? he says, adding the entire Back Bay is benefitting from a resurgent economy and submarket with new features such as the Mandarin Hotel right across from the Apple Store. â&#x20AC;&#x153;A lot of the big retailers are moving to Boylston Street,â&#x20AC;? he conveys. Newbury Street did see its own share of action during the year, beginning with an $8.8 million sale of 225 and 227 Newbury St. to Copley Management, a deal tendered by Boston Realty Advisors on behalf of the seller, Mount Vernon Co. The brokers there were Christopher Sower and Jason S. Weissman. The next month, Mount Vernon paid $3.95 million for 254 Newbury St., then flipped it for $4.65 million in April to Copley Management. Other multi-million sales on Newbury Street in 2012 included $7.5 million for 337 Newbury St. in June, the $4.65 million trade of 270 Newbury St. in July and a $3.6 million in November for 165 Newbury St. Tribeca was the seller in that instance to Newbury & Fenway 165 LLC, an entity managed by Nowell Bloomenthal. An even larger sale followed that when a New York-based outfit paid $26.7 million for 26-28 Newbury St. The year closed out with a user deal in which the New England Genealogical Society paid $3.0 million for its longtime home at 97 Newbury St.

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sales occurred last year. Synergy now controls buildings abutting both sides of the channel bridge, having previously landed 253 Summer St. The company also has a large office building around the corner on Melcher Street. A clamor among firms to be in the Seaport District is helping Synergy holdings there, says Greaney, but he voices equal confidence in the Financial District purchase of 2 Oliver St. that occurred in midDecember. Both the sub77 SUMMER ST., BOSTON MA market and the 222,000sf office/retail building suffered mightily in the recession as many tenants headed for the Back Bay and Seaport District while others disappeared in a downsizing that hit traditional tenants especially hard. A sea change of sorts occurred in recent months, however, as the Financial District again became a popular option for companies from emerging industries. Having been buying under the radar throughout the Financial Districtâ&#x20AC;&#x2122;s woes, Greaney might have hoped the rebound had been kept under wraps a bit more, with C&W assembling a bevy of bidders chasing 2 Oliver St. despite the assetâ&#x20AC;&#x2122;s prior troubles. â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;re very pleased to have acquired that property,â&#x20AC;? Greaney says after outlasting the competition in a deal he still insists will provide sufficient upside to the property. â&#x20AC;&#x153;This is not the 2 Oliver St. of old,â&#x20AC;? he stresses, crediting sellers AEW Capital and Saracen Properties for putting in motion a capital improvements and lease-up campaign that opened up a new entranceway, plus restored mechanicals and common areas. â&#x20AC;&#x153;We intend to finish the job,â&#x20AC;? Greaney says in reporting leases are already in the works for some of the unfilled space. As to the Financial District itself, Greaney says even in making plays in the Back Bay, Seaport District and down to North Quincy that he anticipated the central business district would regain its prior energy. â&#x20AC;&#x153;It is the heart and soul of the Boston office market and it is coming back very strong,â&#x20AC;? he says, adding 2 Oliver St. does reflect the firmâ&#x20AC;&#x2122;s preferred asset type. â&#x20AC;&#x153;We are urban investors and we always will be,â&#x20AC;? he vows. 250 SUMMER ST., BOSTON MA

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broad spectrum of property and transaction types, including a $36 million office acquisition loan for 2 Oliver St. in Boston; a $16 million multi-family construction/mini-perm loan for University Heights in Hooksett, NH; and a $14 million permanent loan on Riverway Plaza in Weymouth. Webster Bank had earlier aided AEW Capital and Saracen Cos. in funding improvements on 2 Oliver St., a 222,000-sf Financial District asset that Synergy Investment bought for $52 million to close out 2012. Webster also loaned $13.3 million backed by 24 MICHAEL LINDGREN Farnsworth St., a 75,000-sf office building in the thick of Boston’s Seaport District acquired last summer by the Davis Cos. Cambridge Savings Bank Vice President Ian Brandon reports that the institution had a record DAVID AULT year on the commercial real estate side of the ledger. “But it wasn’t any one sector, it was really widely spread,” he explains. “We did a couple of build-to-suits, a

12 RESNIK RD., PLYMOUTH MA

couple of office buildings downtown, hospitality, retail and Class A storage facility, and we saw a fair amount of re-positioning, including lab/ biotech to multifamily.” Deals included the financing for the acquisition of 60 Temple Pl. in Boston’s Downtown Crossing by STP LLC; the build to suit for Harvard Vanguard at 400 Baker Ave. in Concord (Normandy Partners), and Mount Auburn Hospital’s new medical office building at 355 Waverly Rd. in Waltham. Michael Lindgren and David Ault arranged acquisition financing for a new memory care living facility in Wayland being developed by the Northbridge Cos., providing $1.09 million for that $1.8 million land purchase of 4.8 acres,

45 MARION ST., BROOKLINE MA

followed by financing to develop the 62-unit 19.4 percent to $44.8 million versus 2011. facility branded as the Carriage House at Lee’s Acquisition financing of $2.4 million was providFarm. Another repeat customer is Gerald ed to Schools for Children in its $4.2 million purCohen, whose Somerville self-storage project chase of 34 Winter St. in Arlington and $2.15 was launched thanks to a $10.1 million mort- million for 1404-1406 Beacon St. in Brookline, a gage provided this summer in funding arranged 6,000-sf office/retail building; and $4.2 million for another Brookline asset at 45 Marion St., that by Brandon and colleague Daryl S. Smith. CSB enabled several other commercial build- being a multifamily apartment property acquired ing deals to proceed, working with Legacy Real by the borrower, MHD Exchange, for $6.0 million. Estate Ventures in its The group is managed by Mordecai Danesh. $2.8 million purchase of Friend S. Weiler, Senior VP at HarborOne 12 Resnik Rd. in Commercial Lending, says his institution (which Plymouth, backed by $2.0 is planning on converting to a mutually owned million from CSB. An $8.1 cooperative bank with a vote scheduled for million loan was provided March 11th) had a “diverse” 2012. “We had a to Brookwood Financial busy year ($32 million distributed overall) espePartners secured by One cially for a startup portfolio.” Loans included Alewife Center, a 90,000- four to five “classic flex buildings” totaling $12 sf office building that million to $15 million dollars, plus a number of traded for $12.0 million owner-occupied acquisitions. in an off-market transacDigital Federal Credit Union had a banner tion. Later in the season, Marcus Capital Partners season, closing on $168 million in deals, bought 225 Second Ave. in Waltham for $10.4 according to Paul Carey, DCU’s Senior million using a $12.1 million note from CSB, pro- Commercial Lender. “We saw our portfolio ceeds of which will be used for renovations and continued on page 54 lease-up costs of the 125,000-sf office building. CSB’s local competitor Cambridge Trust Co. also had a solid 2012, with officials reporting commercial mortgages jumped CARRIAGE HOUSE AT LEE’S FARM (RENDERING)

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CRE LENDING continued from page 52

grow by 14.9 percent, so it was a really strong year for us, and the results mainly came from repositioning of assets in the marketplace.” says Carey. Highlights included a host of multifamily acquisition loans in the second half of the year, with the average deal size in the “$2-million- to $3million-dollar range,” as well as “a couple” of deals involving CVS Pharmacy acquisitions. RICHARD ASHWORTH Julie Ann Slom, Commercial Real Estate Officer for Rhode Island-based Washington Trust Co., notes the lender continued to expand its footprint, winning some prime Massachusetts deals such as the $4.6 million loaned to Taurus Investments to refinance the 34,500-sf office building in Boston located at 22 Batterymarch St. along the Rose Fitzgerald Kennedy Greenway. In

22 BATTERYMARCH ST., BOSTON MA

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N o v e m b e r, Parkingway Acquisitions LLC retained the lender for a $4.2 million mortgage used in the $6.03 million buy of 150-152 Parkingway and 31 Hancock Ct. in Quincy, a pair of mixed-used assets totaling 55,000 sf. Washington Trust 225 SECOND AVE., WALTHAM MA Co. was also busy in its home state and was new acquisitions rather than refinancing,” Connecticut, loaning $3.75 million backed by says Mannino, who adds, “65 percent of our three Connecticut industrial properties held by CRE production was for acquisition and 35 perthe borrower and providing $4.8 million to cent was refinance.” Brookline Bank placed several substantial Emanon Associates used to revitalize the CRE loans in 2012, dispatching $14.2 million to Gardner Building at 40 Fountain St. in Maric Inc. in late December when the Providence. Needham-based firm paid $20.9 million for New England Business Center in Andover. The institution was active in Boston as well, with $6.4 million loaned on 476 Beacon St. when it traded for $4.5 million, and another $4.4 million to Glanz Properties when that Brooklinebased investor acquired a Financial District asset at 31-33 State St. for $6.2 million. Around the corner, a local investor borrowed $4.2 million to facilitate the $6.4 million purchase of 274 Franklin St., a six-story, 21,400-sf office/retail building secured from National Development. Overall, Brookline Bancorp’s commercial loan and lease and commercial real estate portfolios grew 19.6 percent last year to $2.05 billion.

274 FRANKLIN ST., BOSTON MA

Richard Ashworth, who in 2011 merged his venerable Newton-based company, Ashworth Mortgage Corp. with Estreich & Company of New York to form Capital Alliance Advisors this August, reports that his firm brokered “well in excess of $100 million” in conduit loans and bridge financing. “We ran the gamut from office to retail and multifamily – but no hotels.” Ashworth also reports that his firm did not do as much with the life companies, “as they usually do low leverage, and most of the requests we had were for higher leverage.” Michael Healy and Marilyn Mannino of South Shore Savings Bank relay that “CRE is leading the way these days” for their commercial loan division, especially in multifamily, where the bank originated nearly half of its’ approximately $75 million CRE portfolio. “Over 50 percent of our new business last year was multifamily, and more and more of our business

31-33 STATE ST., BOSTON MA

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winning that listing against spirited competition for the 51,000-sf laboratory facility pegged in the $50 million range price-wise as a sale/leaseback deal involving Pfizer. South of town, JLL is exclusive agent for Braintree Executive Park. The team is kicking off 2013 celebrating its first MICHAEL COYNE asset expected to approach $100 million, that being 40 Broad St. in Boston’s Financial District. According to Petz, the local operation also consists of a premier downtown brokerage unit that can provide leasing insights, and runs one of New England’s biggest property management groups and construction units able to give suitors comfort on the structural integrity of older assets such as 40 Broad St., a 291,000-sf building that dates to TRAVIS D’AMATO 1923. As it is, Petz says the stewardship for the past seven years has been good to the building’s infrastructure— “they’ve done a lot of work there,” he relays—but says the ability to make such judgments assuages concerns for potential suitors. “We think we have something different to offer,” Petz says. “We have the full capital markets platform plus the total (range) of leasing, property management and construction services, and that is something you don’t see very often.” Leasing brokers are especially key, maintains Petz. “They can tell you not only what is happening right now, but where rents are heading in the future, and that JONATHAN SCHNEIDER really matters,” he says. Yet another field Petz wants JLL to pursue is multifamily. “As you look around Boston, it’s definitely the hottest product type, and we need to be doing that,” he says in predicting the hiring of veterans Michael Coyne and Travis D’Amato to head up that team gives JLL a solid foundation to go up against a wide roster of competitors on the small- and mid-sized circuit plus a couple of dominant players for major transactions. In the latter instance, the field is led by Simon J. Butler and Biria St. John, with Apartment Realty Advisors also a formidable competitor across multiple states. Marcus & Millichap is big in Connecticut, although Petz acknowledges Butler and St. John are the top shop around, with the two having just sold $710 million in their first year peddling multifamily at CBRE/New England following five years at Cushman COURTNEY O’NEAL & Wakefield, another powerhouse which has brought in its own new team to take on CBRE/NE. D’Amato now has a decade of experience after honing his craft at several leading multifamily enterprises including the WinnCompanies, ARA and most recently CBRE/NE. A graduate of Dartmouth College, he has completed in excess of 50 sales totaling more than $1 billion. D’Amato is a Senior VP, as is Coyne, who has transacted more than $1.5 billion in a real estate career that also includes time at CBRE, as well as positions with Deutsche Bank, Recap Real Estate Advisors and TriSail Capital Corp. Gleason will also assist the group, which Petz expresses confidence about despite the stiff competition for multifamily listings. “We think we have a unique approach (sellers) might want to consider,” he says, contending the dominance by one team is unusual. “It’s pretty rare in a sophisticated market like Boston,” he says, adding, “We’d like to see that change.”

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Realty Partners for eight industrial buildings totaling 1.2 million sf (see industrial sales story, page 39). Alexandria Real Estate Equities tabbed C&W to sell 215 First St. in Cambridge, an historic 220,000-sf office building DivcoWest bought for $79 million—a whopping $350-plus per sf—while in Boston’s Back Bay, Clarion Partners picked up 535 and 547 Boylston St. from Westport Point Capital in an $87 million negotiation for a 190,000-sf offering. South of town, one will find 1250 Hancock St. in Quincy, a/k/a President’s Place, picked up in early December by the Beal Cos. in a $44.5 million C&W listing on behalf of a Lincoln Property Advisors client. The 350,000 sf in five- and eight-story buildings in Quincy Center also comes with an 1,100-vehicle parking garage for those not utilizing the Red Line subway service to Boston and points west. Beal was backed by a $31.1 million RBS loan. President’s Place last traded in July 1996 at a rate of $33.6 million. C&W took on several net-leased assets, one of

126 STATE ST., BOSTON MA

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215 FIRST ST., CAMBRIDGE MA

the largest being 174 and 176 Middlesex Turnpike lion bet on Burlington by JPMorgan Asset in Bedford where Cole Real Estate Investments Management in a joint venture equity raise letting spent $93.5 million for a 328,000-sf office and CarVal Ventures cash out of a partnership with the research campus occupied by EMC Data Corp. Nordblom Cos. at Network Drive at Northwest spinoff RSA Security. The TJX Cos. jumped into the Park, an 805,000-sf office park near Route 128 user acquisition fray on a dramatic scale, tossing that can support another 300,000 sf of develop$62.5 million on the former Fidelity Investments ment. “This is the largest suburban transaction of campus in Marlborough, a two-building park with its kind in recent years, and further validates the strength and national stature of the sub700,000 sf C&W divested on behalf of urban office market,” Eastdil Managing the mutual fund giant. North of town, Director James McCaffrey said in a C&W advised the RREEF Funds in the statement when the deal was finalized. $23.4 million sale of One and Two The same brokerage shop that includes Executive Dr. in Chelmsford to Novaya Brian Barnett, Peter Joseph, Sarah Real Estate Ventures. The two-building, Lagosh and Christopher Phaneuf was 225,325-sf flex/office buildings date to also front-and-center in the $54 million the mid-1980s on a 16-acre campus trade of 1 and 3 Burlington Woods in where I-495 and Route 3 converge. LISA CAMPOLI that same community, a transaction Novaya did not respond to inquiries completed last September between the regarding the purchase, but was reportbuyer, Colony Realty Partners, and the edly attracted by the price/replacement Davis Cos., who had taken the park at cost quotient and a tenant roster occuan auction 15 months earlier and repopying 97 percent of the space that sitioned it to an institutional-grade level. includes the likes of Captivate Networks Eastdil tendered multiple December (Gannet), L-3 Communications and conclusions, including the New England Rockwell Automation. Over in Andover, Meritage Properties went through C&W GAIL MCDONOUGH Business Center in Andover that New to harvest its Shattuck Office Center at 138 River Boston Fund sold to Maric Inc. for $20.9 million. Rd., a first-class 63,500-sf building acquired by The four-building, 245,000-sf asset was near 90 Brickstone Properties for $8.2 million in mid- percent occupancy when sold by New Boston folDecember. That same week, C&W put the finishing lowing eight years of ownership. Eastdil did its share of prime Boston successtouches on a $75.9 million trade of 1 Merchant Place in Worcester, a new seven-story office build- es, perhaps most overtly the Apple Store at 815 ing that came on line just prior to its purchase by Boylston St. that attracted national coverage, but a Florida investor, Benderson Realty Development. the Andover result was one of many suburban The 201,000-sf structure is occupied by Unum Life exchanges completed last year. As in that case, Eastdil represented both sides in a mid-year swap Insurance Co. Cresting the $2 billion level for the second of Bedford Business Park between Boston straight year was Eastdil Secured, which had a Properties and the Davis Cos., which paid $62.5 tally of $2.1 billion involving 34 separate listings million for 470,000 sf in three buildings on 22 during 2012. A portion of that came from nine-fig- acres. CEO Jonathan G. Davis recently told the ure commitments such as the $106 million Real Reporter his firm has retained Gensler to Shorenstein shelled out on Seaport Center at 451 design an overhaul on the well-located but aging D St. in South Boston, and a whopping $215 milcontinued on page 57

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complex. Eastdil Secured also advised Campanelli as the Braintree firm and partner TriGate Capital moved half of eight buildings acquired out of foreclosure two years ago, reaping a total of $14.8 million in separate trades of 10 Cornell Pl. and 265 Ballardvale St. to Cabot Properties for $9 million and another $5.8 million in the late-September purchase of 255 and 261 Ballardvale St. by Spaulding CARL CHRISTIE & Slye Investments, securing holdings which total 85,000 sf near Interstate NEW ENGLAND BUSINESS CENTER, ANDOVER MA 93. The sellers spent $15.8 is finally seeing its potential come to reality, million on the entire portfo- with a Wegman’s Supermarket on board for lio, one Eastdil had market- what will be a mix of uses when completed. ed while in receivership. Eastdil Managing Director Joseph concurs Another visible victim that high-profile failure did capture plenty of of the 2008 development media interest when NED swept in to acquire DAN MCGEE hiatus found new life the asset. “It’s nice to see,” he says of the prothrough Eastdil in 2012 when Eastern Real ject’s rebirth, and terms the buzz surrounding Estate and New England Development spent the Apple Store trade “exciting” while defend$59 million on the Route 128 land parcel loose- ing the stratospheric pricing by observing retail ly referred to as Westwood Station. Foreclosed is getting $7,000 per sf and more in New York on by its lender, the 122 acres that was cobbled City (see Back Bay sales article). together over many years only to sit fallow since As detailed on page 3, the Seaport District

attracted hundreds of millions of dollars in 2012 investment, $270 million of it funneled through Holliday Fenoglio Fowler. The firm’s dominance on equity activity in the district was only matched by its debt financing acumen that saw HFF provide construction and permanent loans for a series of major projects including the Drew Co.’s Waterside Place multifamily property of 236 luxury units, plus One Channel Center, a 492,000-sf office building where State Street Corp. will be relocating. In both instances, HFF delivered both equity and debt to the projects, something Senior continued on page 58

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Managing Director Riaz Cassum says tends to feed off itself. “We get quite a bit of business from that,” he says, an outlook exemplified by the $2.0 billion in debt volume processed by HFF in 2012 compared to $1.6 billion for investment sales and other strategies such as recapitalizations. The debt—and equity—action was not limited to the Seaport, with HFF helping buyer and borrowers— and often both— throughout Boston and beyond. In the Back Bay, as detailed on page four, HFF helped the seller of 28 Newbury St. yield an incredible $1,400 per sf-plus for the three-story retail building that is leased to Banana Republic, and was also broker for 441 Stuart St., a 163,775-sf office building acquired for $40 million by Synergy Investment. The firm also advised 711 ATLANTIC AVE., BOSTON MA the First Church of Christ, Scientist in its $59 mil- properties, as first detailed by therealreporter.com Group that continued to represent major owners lion deal for control of 177 Huntington Ave., the in February. The Beacon listing was handled by and buildings was CBRE/New England. Early on, 202,000-sf office tower at the Christian Science Mark Campbell, Riaz Cassum, John Fowler and the firm helped Millennium Partners trade 179 Plaza taken on by Beacon Capital Partners. HFF Benjamin Sayles, with Ron Albro of Beacon acting Lincoln St. in Boston to Invesco for $75 million brokered that sale for what Benedict concurred for the buyer in-house. Other members and represented StructureTone in its was a different animal from given a ground-lease of the Boston HFF office who worked on harvesting of 711 Atlantic Ave., a sixwas part of the equation and for other reasons as various assignments in 2012 include story, 85,000-sf office building across well. “It was great because it is such an iconic Dana Brome, Anthony Cutone, Bob from South Station acquired by property having been built by I.M. Pei and being Herron, James Koury, Greg LaBine, Meritage Properties for $26 million. The in such an incredible location, and the response Lauren O’Neil and Fred Wittmann. CBRE/NE team also was agent for a vast we got was tremendous,” Benedict relays, adding portfolio involving dozens of Citizens HFF structured a $56.1 million that “Beacon did a tremendous job in execution loan from Cornerstone Real Estate Bank branches that yielded $90 million and I think they are going to do really well there.” Advisers to finance Beacon’s invest- GINA BARROSO in a transaction overseen by Christopher The other half of the amulet is playing out now as ment, and as mentioned, the mortAngelone and William Moylan, two HFF works with the church to complete the trans- gage banking firm had a major season retail experts who head up the Capital fer of two land sites on the plaza that can yield in that regard, also arranging first Markets Group. “We were pleased with another 800,000 sf. Benedict declined comment mortgage financing for nearby 116 the way it went,” Angelone says of on a bid by Carpenter & Company to take on the Huntington Ave. and on Clarion’s 2012, with the firm also welcoming the arrival of Simon J. Butler and Biria St. acquisition of 535 and 545 Boylston John to oversee the multifamily busiSt. Besides financing its 441 Stuart St. ness, a coup that led to more than $700 deal, HFF found money for Synergy to million in apartment transactions. buy a 376-space garage at the ROBERT TITO SR., InterContinental Hotel and for the NAI/Hunneman Commercial Corp. owners of the 698-space garage at had its investment sales professionals Dock Square across from Faneuil Hall. chasing all sorts of prospects in 2012, Few observers going into 2012 utilizing an approach where select would have anticipated HFF garnering groups pursue opportunities on their so many major sales listings, and while own while assisting other teams as Benedict says he believes it was not a needed for the benefit of the client. One record year for the operation, he ROBERT TITO JR. rather productive unit has been a quaracknowledges the result was “superitet of Scott Dragos, Douglas Jacoby, or” compared to a typical campaign. Mitchell Levey and Sean Ryan. In 2012, they tallied an eye-popping $113.7 mil“We were very busy the whole time, lion in volume completing 41 transacbut everybody here did their part so we able to get a lot accomplished,” he tions accounting for 3.4 million sf of says. “And we’re not slowing down a space. That figure was aided by a fourbit—we’ve got a very big pipeline that building portfolio encompassing 1.1 we are already working on.” million sf that went for $25 million on Another top-level Capital Markets DAVID N. ROSS continued on page 59 177 HUNTINGTON AVE., BOSTON MA

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behalf of Rubenstein Properties when it was bought by real estate investor Michael A. Manzo. “The portfolio sale presented the opportunity for the Manzo Co. to purchase Class B office and industrial properties that offer significant upside potential,” Jacoby recounted. The massive properties include, Station Mills, a 315,000-sf flex property in Walpole that includes parking for 627 vehicles, while another 400,000 sf is in North Dighton; and the last two are net-leased industrial structures in Taunton that are 100 percent occupied to lone tenants. Joining Manzo Co. in the venture are partners Tambone Investment Group and affiliates of Old Hill Partners. “We’re pleased,” says Jacoby in assessing 2012. “It was busier than 2010 or 2011, and we were straight out to the bitter end,” in some respects with no one to credit but themselves given a willingness to manufacture listings as they did in Cambridge that FRED WITTMANN resulted in $18.8 million yielded for two clients. Another grateful client is Calare Properties after a favorable experience in buying the then-distressed Building 4 at 900 Middlesex Tpk. in Billerica last May for $1.7 million before restoring the 94,175-sf property, leasing it for 10 years to global digital printing equipment firm LaserMax Roll Systems, and harvesting it in September for $7.3 million. Hudson-based Calare, which had its own event-filled 2012, did not have the building for sale when NAI/Hunneman brought an unsolicited offer from the RAM Cos., a Maine-based firm active in northern Massachusetts who went on to buy the stabilized asset. Calare President Bill Manley later conveyed that his firm was able to see beyond a rough façade and interior for the unique mix of high-quality office and industrial space. “With our experience and knowledge within the market, we recognized that with some improvements, 900 Middlesex would be highly BEN SAYLES desirable to manufacturing companies,” and wound up attracting the world’s largest maker of equipment for digital printers. Calare separately bought an even larger property in December, picking up 25 Tucker Dr. in Leominster for $11.6 million on a speculative deal arranged by Tim O’Callaghan of Binswanger. The property totals nearly 600,000 sf, and Calare Portfolio Manager Brian Poitras later told the Real Reporter that his firm has confidence the firm can compete for large users who might have interest in 75,000 sf of mezzanine and office product, 132,000 sf of manufacturing space and 381,500 sf of warehouse. continued on page 60

Thank you community for making 2012 a record breaking year for us.

THE STEVENS GROUP Commercial Real Estate Advisors Ten Post Office Square | Suite 800 South Boston, MA 02109 | 617.886.9300

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Interestingly, Jacoby and company were only part of the NAI/Hunneman operation influencing CRE sales; 2012 proved another productive year for Catherine Minnerly and Ovar Osvold in the South submarkets where they completed both leases and major property sales. Veteran Robert Tito Sr. has been working with Gina Barroso and Robert Tito Jr. scouring the area for listings, and in 2012, they came up with several closings, including Marrett Square in Lexington, a 16,800-sf retail center within a half-mile of the town center. Stone River Properties bought the asset last summer from Camblex Realty Trust for $2.52 million after a call for offers generated 10 bids. “Marrett Square is truly 441 STUART ST., BOSTON MA a unique retail property,” ly expressed adulation towards, reporting brisk Robert Tito Sr. said later. “A activity since the summertime closing. strong roster of well-estab- NAI/Hunneman Vice Presidents David Cooney lished tenants contributed to and Bonny Doorakian are leasing agents for 71, making Marrett Square an 77 and 87 Summer St. and 184 High St. Carl Christie and Dan McGee were their usual extremely desirable investBOB HERRON prolific selves in 2012, and joined forces with ment for its new owners.” Barroso and Tito also negotiated a $1.55 Henry Lieber as they focused on multifamily, leadmillion sale of 162 Prince St. in Boston’s North ing to several notable transactions including the End. The four-unit multifamily building “offered $1.9 million trade of 1592 Beacon St. in Boston, a cash flow and condo options in a highly (desir- four-unit property bought by Thirty 2 Rutland LLC able) North End neighborhood,” Tito says. “The from Avraham and Madalyn Frydman. The team property is a solid addition to the buyer’s pro- tendered 47 and 47 Bay State Rd. in Boston’s file.” Prince Street Realty Trust harvested the Audubon neighborhood near Kenmore Square for asset to 162 Prince LLC. Late in 2012, Barroso, $6.9 million. Buyer Jocata LLC obtained a pair of principal David N. Ross and the Titos two repre- Romanesque Revival brownstones from Tosi LP in sented First Cambridge Realty in the $2.37 mil- a deal of particular note given the high purchase lion sale of 11-21 Pine St. in Cambridge to RCG price that Christie says was driven by its superior location and quality of 20 rental units. of Somerville. They also procured the buyer. An apartment deal completed in early NAI/Hunneman played a leading role in Synergy Investments buying four office and retail December delivered $5.1 million to the Man Trust buildings in downtown Boston. The 138,850 sf when 15 Leicester St. in Brighton Center was diswas acquired for $30.8 million from Centurion pensed to Fortium LLC. And in Chelsea, they broRealty LLC, represented by Barroso and Ross in kered a $1.55 million sale of 18 apartments at holdings Synergy founder David Greaney recent- 156-160 Park St. and 161-165 Pearl St., advising seller Keith L. Miller and landing the buyer, Park & Pearl Realty LLC, managed by Nicholas Boit. “The apartments represent an excellent investment opportunity for their new owner,” Christie said after the closing. “ The contingent earlier in 2012 orchestrated a 265unit portfolio sale of four apartment buildings to Alpha Management for $23.5 million. The properties are in Medford at 53-63 Fellsway 1 AND 2 EXECUTIVE DR., CHELMSFORD MA

West, plus 86-96 Maple St., 349 Pleasant St. and 17-19 Washington St., all in Malden. The capital markets business at Colliers International had a heavy dose of urban retail in 2012—and that was no coincidence, group leader Lisa Campoli says in explaining the listing of two Back Bay retail units and a pair of Cambridge storefronts to Linear Retail were products of a strategy to pursue that sector. “Everybody wants urban retail,” she observes in acceding the challenge is finding enough sellers, making the 2012 listings by the team even more impressive. A Burlington-based investor and operator whose 55-plus assets are already laden with Boston and Cambridge ANTHONY CUTONE retail, Linear paid $4.9 million for 729 Boylston St., leased to Uno Chicago Grill on a boulevard many observers say is becoming almost as popular as Newbury Street one block away, an argument bolstered in the aforementioned trades of 801 and 815 Boylston St. at prices easily topping $1,000 per sf. Colliers then led Linear across the Charles River to 85 and 107 First St., buildings situated near the CambridgeSide Galleria in the technology Mecca of Kendall Square. Whereas the Back Bay holding is more a net-leased opportunity, Campoli explains the filled First Street buildings give the new owner a value-add opportunity down the road. “There will be pressure for rents to move up as they go along,” she says, adding superior cash flow was an element of strength for a boutique property RCG of Somerville bought for $4.15 million. Located a half-mile west of Harvard Square, the three-story mixed-use property commands rents similar to the legendary business district, continued on page 61

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says Campoli, with Coldwell Banker and Hi-Rise Bakery among four tenants who fill the entire building. In acknowledging stiff competition for urban retail listings, Campoli argues her firm is particularly adept thanks to both the International part of the Colliers name and having a deep and experienced retail leasing operation in metropolitan Boston. â&#x20AC;&#x153;We are able to give top-tier service to the seller through our global Colliers International platform that we can use to find buyers from all over the world,â&#x20AC;? Campoli says while praising the Boston office for possessing â&#x20AC;&#x153;unparalleled expertise on the ground.â&#x20AC;? Colliers was hardly a one-trick pony in 2012 on LAUREN Oâ&#x20AC;&#x2122;NEIL the sales front, with other properties handled including the sale of 15-45 Dan Rd. in Canton and 155 Forbes Blvd. in Milford. As in the case of their focus on retail, being flexible is part of the Colliers plan as well, she adds, primarily because investors are considering alternatives. â&#x20AC;&#x153;In 2011, people all wanted the same thingâ&#x20AC;&#x201D;core CBD real estate, but now they are willing to go off Main & Main in order to find the opportunities that can bring them what they want mostâ&#x20AC;&#x201D;yield,â&#x20AC;? says Campoli. â&#x20AC;&#x153;That is why they are willing to be more flexible.â&#x20AC;? Colliers handled a significant sale in downtown Boston when 126 State St. traded for $6.72 million, giving the local buyer a small but supremely located asset in the Financial District, and Campoli counts One JAMES KOURY Alewife Center in Cambridge among its listings. Still, record low interest rates and the robust regional economy have further steeled investors to compromise on geography, and Campoli says her team that includes Gail McDonough, Katie Davenport and Ann Kerwin is gearing up for a busy 2013. Asked of the just-completed campaign, Campoli says it does appear many of the aims were attained. â&#x20AC;&#x153;It wasnâ&#x20AC;&#x2122;t always glamorous, but we had some good, solid deals, and that is what is most important to us, helping the clientâ&#x20AC;? maximize property potential. Also getting into the act last year were leasing specialists James Elcock, David Goodhue and Caleb Hudak, who advised Prologis in that industrial REITâ&#x20AC;&#x2122;s sale of 75 Campanelli Pkwy. in Stoughton to Yale GREG LABINE Appliance, a deal detailed in the User Deals article. The Colliers team is exclusive agent for the 80,000-sf structure that dates to 1979. Colleague Robert Cronin handled a significant land sale in 2012 when 6.2 acres near Logan International Airport in East Boston was sold to a developer who later won approvals to build a hotel at the property that sits along McClellan Highway and yielded $3.75 million.

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20 SPEEN ST., FRAMINGHAM MA

Nordlund did nine deals for a total consideration of $12.5 million in 2012, the largest $2.2 million in early December when 206 South Main Street LLC bought a property bearing that address in Middleton from Nordlund’s client, J.E.S. II Realty Trust, whose family ownership in the single-story industrial property dated to 1971. The 45,000-sf building is located on 2.4 acres along Route 114 (South Main Street) just north of Interstate 95. Nordlund had a jam-packed fourth quarter, completing two separate industrial building trades representing both sides in each case on October 1st when 55 Mitchel Rd. (9,600 sf) in Ipswich yielded $700,000 and Wakefield’s 247 Water St. (11,625 sf) brought $1.1 million. Both deals involved user/buyers. That pace kept up for Nordlund to the very last day of 2012 when a 9,000-sf industrial property at 241 Newbury St. (Route One) in Danvers delivered $1.25 million for Nordlund’s client, the Meg Cos. of New Hampshire. ReMax represented the buyer of the 9,000-sf auto dealership sandwiched between Routes 62 and 114. In November, Nordlund sold a 32,000-sf Peabody office building at 84 Newbury St. (Route One south) for $2.02 million on behalf of Sawyer Realty Holdings to Philopater LLC, managed by Emad S. Younan. Nordlund— and the public—know the building well, with Everest having negotiated its prior sale for $1.2

million in April 2011 to Needham-based Sawyer and was then named leasing agent. The threestory, 31,000-sf structure is the former home of East West Mortgage; it was foreclosed on in April 2009 by Wainwright Bank. Some independent real estate companies span generations, whereas one young upstart is Boston Realty Advisors, a firm just comDAVID CURLEY pleting its 10th year that had a remarkable 2012, with its $150 million of sales well above the $100 million leader Jason S. Weissman had been targeting and involving a host of prized listings in Boston and Cambridge. Weissman credPAUL MULROY its the hiring of new talent such as retail expert Michael d’Hemecourt to complement existing staff including suburban brokers Jeremy Freid and Adam Meixner. That pair tendered several trades in the Route 128 Central region last year, and worked ERIC O’BRIEN with d’Hemecourt to provide further insight on those assignments. “It does give us a unique blend of local knowledge and the institutional underwriting experience of (part-

205 FLANDERS RD., WESTBOROUGH MA

10 CALIFORNIA AVE., FRAMINGHAM MA

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ner) Chris Sower and Mike d’Hemecourt . . . that really allows us to look at a building and (determine) what is the right approach in a given market,” offers Freid. Notable listings of 2012 included a 10,000-sf Newton office building ultimately won by a user at a price of $283 per sf, a level Freid says is rarely achieved for such product in that area. The team also helped a Newton client acquire a key land parcel in between two existing buildings, and sold 395 Worcester St. (Route 9) in Natick, a 6,200-sf retail building occupied by a Mitchell Gold + Bob Williams Signature Store through 2015. Freid and Meixner were joined by d’Hemecourt on pitching that building which yielded $1.42 million the final week of the year. The firm tendered $70 million in the fourth quarter alone, and had four deals above $1 million wrap in December, headlined by the $31.6 million closing of 18-28 JFK St. in Harvard Square, known to denizens of the famous district as the longtime home of Pizzeria Uno, as well as other retailers and apartments. “We had contributions from everybody,” Weissman says as BRA’s second decade commences. “The whole team was pleased with 2012,” continues its founder. “We took on a lot of significant properties and worked on many product types in a lot of different markets, and that (reflects) the wide range of expertise we can offer to our clients.” The multifamily division run by Weissman and Sower did a series of significant transactions (see multifamily investments seccontinued on page 63

604 MAIN ST., SHREWSBURY MA

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tion), including 52 Westland Ave. in Boston’s Fenway, a 43-unit apartment building that brought in $12.8 million after a marketing program that generated more than 100 prospects before 52 Westland Enterprises LLC took the prize. “The process was very competitive,” said Sower, crediting the tight rental market and a location between the Back Bay and Longwood Medical Area. VICTOR GALVANI New Dover Associates President Scott R. Hughes might strive to treat his 21 STRATHMORE RD., NATICK MA customers equally, but having a favorite in 2012 could and in November found the Boston-based firm be difficult to resist after another shiny asset at 21 Strathmore Rd. in Genesis Management Natick for a total value of $9.8 million. Hughes engaged the Framingham- is now assisting his grateful client on leasing up based firm to identify available space in the two original properties, JOHN R. PARSONS JR. investment prospects in 10 and 20 Speen St., with the 15,500-sf Natick Greater Boston. Hughes eagerly—and success- building fully occupied on a triple-net basis by a fully—obliged, helping Boston-based Genesis laboratory tenant that did engage Genesis to buy two well-located office buildings along the provide third-party management. Chief Massachusetts Turnpike in Framingham last Investment Officer Robert B. King explains his summer, securing 32,000 sf for $6.8 million, firm was interested in buying for its own

account to parlay its third-party property management expertise as a value-add element of an investment strategy. In an interview regarding the Natick acquisition, King said his firm continues to look for opportunities, but counts 2012 as an encouraging launch. “Scott did an excellent job for us,” King says, “and hopefully we can build on what we’ve done already.” Even in paying nearly $200 per sf, King terms 21 Strathmore Rd. “a pure income play continued on page 64

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for us,” while Hughes praises former owner Maric Inc. for having the foresight to expand the building and sign Parcells Laboratories to a long-term commitment that made it an investment-grade asset. The location is superior as well, Hughes says, with Strathmore Road part of the Natick Business Park and near the Natick Mall. In addition to New Dover Associates, ARTHUR P. AMADEI Framingham is home to another spirited independent firm, Parsons Commercial Group, which took on several intriguing 395 WORCESTER RD., NATICK MA assignments last year, including Galvani as advi- 30-foot clear heights, three levels of office sor to the seller of 10 space and 10 loading docks with levelers. Speen St., which traded for Paragon is a market leader in remanufactured CHARLES DETWILLER $3.7 million versus $3.1 electronics and a range of services and supplies million for 20 Speen St., for the technology sector. Founder John R. Parsons, meanwhile, has with David Ross of Cresa Partners working for the been seeking out multifamily properties for his seller there, that being the own account. After a quick turnaround of two Boston assets, Parsons spent $19.2 million to American Cancer Society. In an even bigger sum- acquire an apartment community in Columbia, mertime sale, Galvani South Carolina, the state capital. “It’s a good assisted Paragon market,” relays Parsons in explaining that city GARRY HOLMES Communications in its $8 and others like Charleston and Myrtle Beach are million acquisition of 41 Main St. in Bolton, a on the upswing. Greater Boston Commercial Properties pro300,000-sf flex/office property set on a 72-acre campus where the buyer intends to relocate fessionals were all over the MetroWest, with operations from its Ashland headquarters. Tim Benjamin Gatti advising Sandra & Anthony Antico O’Callaghan of Binswanger was agent for the Real Estate in their purchase of an 80,000-sf seller of the property whose features include industrial building on six acres in Marlborough and an adjacent 12-acre site for a total consideration of $2.9 million. The seller, Marlborough Elms LLC, was advised by David Curley of O’Brien Commercial Properties Inc. As part of the agreement, Curley’s client is leasing back 21,000 sf for his used furniture company, while the buyer will use 10,000 sf for a sprinkler company, A.J. Antico Irrigation Systems. Two other tenants fill another 30,000 sf. Speaking of O’Brien Commercial, other invest84 NEWBURY ST., PEABODY MA

ment sales were completed in 2012 including the December trade of 124 South St. in Bedford, a 6,000-sf industrial building bought by Scherrer & Chen Property LLC. The firm’s 2012 Broker of the Year, Paul Mulroy, advised seller South Road Trust, while colleague Joel Aho was agent for the buyer. Among the 20 leasing and sales deals Mulroy did to earn the top designation, he harvested 1000 Main St. in Acton and 160 Ayer Rd. in Littleton. President Eric O’Brien orchestrated the trade of a 5,000-sf building at 63 Great Rd. in Maynard between buyer Haley & Ward and Lexvest Partners. Curley represented the seller of 241 Boston Post Rd. in Marlborough, a stylish 24,700-sf building that was half-leased at the time of its $3.5 million swap in July. Lincoln Property Co. advised the buyer, Cadd Edge Inc. Bret O’Brien of Greater Boston Commercial Properties advised the seller in disposition of an 8,875-sf industrial building on 1.9 acres at 18 Alpha Rd. in Chelmsford. Buyer Craven Real Estate Development LLC was represented by Joe Ready of Ready Real Estate. O’Brien also participated in the purchase of a 135,000-sf industrial building at 47 Sumner St. in Milford by Planet Aid, a firm which assists in fundraising through clothing box donations and other efforts. Craig Johnston and John Eysenbach of R.W. Holmes were agents for the seller, Creative Development, which reaped $1.25 million in the agreement that will enable Planet Aid to relocate from a smaller facility in Holliston. The building sits on a 7.6-acre site. The Milford deal was among a baker’s dozen of transactions above $1 million brokered by R.W. Holmes professionals in 2012, the largest a $15 continued on page 65

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million consideration for a 50,000-sf build-to-suit at 3 Forge Park in Franklin on behalf of Hamilton Storage Technologies, with Eysenbach as their broker. Next was the acquisition of 10 California Ave. in Framingham by Genzyme Corp., an $8.1 million agreement involving Chris Tosti of CBRE/NE advising Genzyme and R.W. Holmes President Garry Holmes as exclusive listing agent for the seller, Columbia Electric Corp. The 62,675 sf property that sits on 4.7 acres is presently occupied by both Genzyme and Staples. Two properties—605 Main St. in Shrewsbury 47 SUMNER ST., MILFORD MA and 205 Flanders Rd. in Westborough—sold for the same price of $4.5 million. The Shrewsbury of Natick assets were processed by the firm, asset is an 18,575-sf medical office building with a former US Postal Service unit at 177 Pine bought by DSN Realty Trust, with R.W. Holmes St. in Natick yielding $2.57 million in its midSenior VP Craig Johnston negotiating for the December sale by the USPS, represented by buyer and Eysenbach on behalf of the seller, RPI CBRE/NE. Eysenbach delivered the buyers, Care Shrewsbury Main Realty LLC. The buyer was com- Everywhere and Zynomedical. Elsewhere in pleting the back end of a 1031 exchange, having town, 56-58 North Ave. fetched $1.5 million retained Johnston and Eysenbach to harvest 205 and a 27,000-sf building at 5-7 Michigan Dr. Flanders Rd., a 76,125-sf manufacturing building reaped $1.2 million. R.W. Holmes Senior VPs on 5.6 acres that was bought by 205 Flanders Arthur P. Amadei and Charles Detwiller handled Road LLC. both sides of the latter sale to Michigan Drive R.W. Holmes also oversaw the $1.6 million LLC by Hosokawa Micron International. sale of 203 Flanders Rd. in Westborough and Bill Sullivan was agent in the $1.3 million nearby 145 Flanders Rd. for $1.45 million. A trio exchange of 108 Forest Ave. in Hudson for $1.3

million. The two-story, 30,000-sf flex office building was acquired by Facilis Technology Inc. from Re-Act Realty LLC, which also retained Sullivan to divest 1 Bonazzoli Ave., an adjacent 26,000-sf building that went for $1.5 million. In other R.W. Holmes deals, 80 Union Ave. in Sudbury yielded $1.7 million, while separately Johnston and Garry Holmes were the brokers for seller Bonazzoli Realty Trust in their $1.37 million sale of 135 Maple St. in Marlborough to Gremar Realty Trust. R.W. Holmes also procured the buyer of the 18,125-sf retail building that sits on 1.3 acres. It is being renovated as a local hardware store.

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RJ Kelly Bets on Rhode Island for $51.5M BY MIKE HOBAN ROVIDENCE, RI — RJ Kelly President and CEO Brandon Kelly likes to characterize his firm’s acquisition strategy as “staying ahead of the curve”—which certainly appeared to be the case for their blockbuster 2012 acquisition of the 210,000-sf GTECH Center here for $51.5 million. While many investors were chasing high-priced, low cap assets in the Boston/Cambridge market, RJ Kelly quietly made what many observers tout as an intelligent play in a non-core market, with the gleaming, 10story tower in downtown Providence having been positioned through Cushman & Wakefield’s Capital Markets Group in that very light. “It was very attractive for us to go to Providence at a time when the majority of the investors were focusing on core and coreplus and didn’t favor secondary markets as much as we do,” conveys Kelly, BRANDON KELLY whose construction, development and investment firm is based in Burlington, MA. “We saw a great opportunity to go to a market like Providence to buy a best-in-class asset at a steep discount to what TEN MEMORIAL BLVD., PROVIDENCE RI you’d pay in the primary SCOTT KELLY 172,000-sf complex in Portsmouth, a 7.4-acre markets.” Described by its new owner as the premier park enhanced by 24,000 sf of retail that was office building “not only in the Providence mar- picked up in November 2011 for $10.8 million, ket, but in the state”—10 Memorial Blvd. was and the second was a,57,000 sf self storage purchased from Commonwealth Ventures for facility located in Lee, NH, bought in 2012. The approximately $255 per sf, at “about a 9 per- firm has a long history in the New England selfstorage realm. Besides its cent cap rate” according to Kelly, far below its highly visible flagship faciliestimated construction cost of $80 million. Built ty overlooking Interstate 95 in 2006 by Texas-based USAA Real Estate in Byfield, RJ Kelly’s selfAdvisors, the Spagnolo, Gisness-designed buildstorage fiefdom is now as ing is 65 percent leased to lottery technology far south as Taunton in firm GTECH on a long-term contract, plus housMassachusetts and in eastes other strong credit tenants like Ameriprise ern Connecticut in and Fidelity Investments along with the popular Newington and Portland. Ruth’s Chris Steakhouse. It also features three RICK GRIFFIN “You have major self-storage investors levels of parking with 250 public spaces located chasing deals in primary markets and pushing above the ground floor retail. RJ Kelly’s strategy of pursuing assets in sec- cap rates way down, so we went outside the ondary markets is further exemplified by a pair primary markets,” Kelly reports, adding that the of self-storage facilities that they recently firm purchased the assets at “very attractive” acquired in New Hampshire. The first was the cap rates and a substantial discount to what

investors would be paying inside of Interstate 495. “We’re attracted to the better returning assets that we can achieve higher yields on in primary, secondary and tertiary markets,” he relates. New Director of Investments Rick Griffin told the Real Reporter upon joining RJ Kelly in late 2012 that Rhode Island would continue to be of interest to the firm, as well as other New England locations where suitable deals can be identified. Maine is a potential market, adds Kelly, and Griffin came directly from KS Partners where he was on the team which cobbled together a 700,000-sf Connecticut portfolio purchase. Working for the prolific KS Partners over the past two years gave Griffin a macro sense of that state and other New England markets, and he says that should enable RJ Kelly to stay tuned into the tertiary prospects across the region. “I’m excited,” Griffin said of the new continued on page 67

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$16M Finard Purchase Gives Biltmore Life BY JOE CLEMENTS ROVIDENCE — In one of the more upbeat Ocean State deals of 2012, Finard Coventry Hotel Management bought the beloved Providence Biltmore, a 292-room landmark hotel located in the heart of downtown. Originally constructed in 1922 and placed on the National Register of Historic Places in 1977, the hotel is remaining open during a $10 million renovation, while Preferred Hotels and Resorts has been installed as operator of the 18-story Beaux-arts structure that has a prominent place on the Providence skyline. “We are delighted to become stewards of this iconic hotel that is so much a part of the fabric of the city,” principal Todd B. Finard said upon his Boston-based firm’s purchase of the property out of receivership under the entity FC Biltmore LLC. FCHM also secured a $16.8 million mortgage TODD B. FINARD from RBS Citizens that is being partly used to upgrade the inn. “It will be an honor to restore this architectural treasure known for its legendary hospitality and charm,” said Finard, whose firm was advised during the JOSHUA M. BOWMAN complex acquisition process by Sherin and Lodgen LLP partner Joshua M. Bowman, an expert in the hospitality arena who also assisted his client on debt and equity financing structuring for the asset. The scope of the planned renovation includes building new infrastructure and systems; a new roof; repair of exterior façade brickwork and remodeling of the ballrooms and meeting rooms, guestrooms, corridors and lobby. The wide-ranging program could take up to two years to complete. Located at 11 Dorrance St., the Providence Biltmore contains 19,000 sf of function space including 18 meeting and banquet rooms and a rooftop grand ballroom that is home to more than 75 weddings per year and many notable events. The hotel has a McCormick & Schmick’s Seafood Restaurant and a Starbucks in the lobby. Other amenities include the luxurious Spa at the Providence Biltmore, a business cen-

PROVIDENCE BILTMORE HOTEL, PROVIDENCE RI

ter and fitness center. FCHM is taking on the hotel as the Rhode Island hospitality sector fights to emerge from the 2008 recession, and indications from industry research firm Pinnacle Advisory Group shows the recovery appears to be inching forward. Occupancy has risen from 61.7 percent in 2010 to 62.5 percent, Pinnacle reports, while the Average Daily Rate is up from $112.31 to $120.12 in that same time frame while Revenue Per Available Room is at $75.04, a 5.8 percent gain from 2010. Conditions are even healthier for Providence, which Pinnacle pegs at 67.9 percent for occupancy versus 63.8 percent in 2010. Average Daily Rate is $137.94 compared to $126.42 to start the decade, and RevPAR has soared by 11.8 percent to $93.70. The projection for 2013 is occupancy to hit 69 percent, Average Daily Rate of $141.40 and RevPar of

$97.56 in Providence. The Providence Biltmore is also expected to benefit from no new hotel construction over the near term plus a boost in convention business, which was up by more than 25 percent in 2012.

RJ KELLY BETS ON RI continued from page 66

role at RJ Kelly, a second-generation family firm founded in 1951 by Richard Kelly and now led by Brandon and brother Scott Kelly. Griffin, whose previous experience includes AEW Capital and Berkeley Investments for 10 years, has bought into Boston’s booming Seaport District and other urban centers, but he concurs with Brandon Kelly that the focus will be seeking diamonds in the rough similar to 10 Memorial Blvd. “You will see a lot of us in the coming year in many places,” he says. “We’re definitely going to branching out.”

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RHODE ISLAND DEALS

Brookwood’s $9.9M Buys 1600 Division Rd. Helping New England businesses

thrive and grow. The commercial real estate group at Washington Trust provides commercial real estate mortgages for the construction, refinancing, and purchase of investment real estate projects throughout New England. Financing ranges from several hundred thousand dollars to projects in the millions, including the following:

$10.5 MILLION to 100 Great Meadow Associates, LLC for refinancing

and tenant improvements of a 155,645 square foot office building in Wethersfield, Conn.

$8.3 MILLION to Medical Asset Ventures, LLC for the construction of a 45,000 square foot medical office building leased to Lifespan in East Greenwich, R.I. $8 MILLION to an affiliate of MCRS Milford Development, LLC for the financing of the 120-room Hilton Garden Inn in Milford, Conn. $5.2 MILLION to Mill Meadow Development, LLC for the refinancing of 6 buildings located in the Old Saybrook Business Park in Old Saybrook, Conn. $4.8 MILLION to Emanon Associates, L.P. for the refinancing and tenant improvements of a 75,000 square foot office property in Providence, RI. $4.6 MILLION to Taurus CD 153 Batterymarch Street L.P. to refinance a 34,521 square foot office building in Boston, Mass. $1.9 MILLION to 138 Development Associates, LLC for the development of a 40-unit active adult residential community in South Kingstown, R.I. $1.6 MILLION to Fox Point Marina, LLC for the refinancing of a mixed use property which includes two restaurant units and a 56-boat slip in Providence, R.I. $1.5 MILLION to Phoenix New Park Avenue, LLC for the acquisition of a retail property occupied by Advanced Auto Parts in West Hartford, Conn. $1 MILLION to Lamberton Office Center, LLC for the refinancing of a 33,984 square foot mixed use property located in Windsor, Conn. Commercial Real Estate Contacts Julia Anne M. Slom, Senior Vice President, Team Leader . . . . 401-348-1430 Laurel L. Bowerman, Vice President . . . . . . . . . . . . . . . . . . . . . . 401-654-4847 Mary K. Ettinger, Vice President . . . . . . . . . . . . . . . . . . . . . . . . . .401-348-1415 Suzanne Walsh Erno, Vice President . . . . . . . . . . . . . . . . . . . . . .401-348-1492 Catherine R. Fusco, Vice President . . . . . . . . . . . . . . . . . . . . . . . 401-348-1681 Bethany A. Lyons, Vice President . . . . . . . . . . . . . . . . . . . . . . . . .401-348-1538 Timothy M. Pickering, Senior Vice President . . . . . . . . . . . . . . . 401-348-1482 Member FDIC

Trusted Advisors Since 1800

1600 DIVISION RD., WEST WARWICK RI

BY JOE CLEMENTS EST WARWICK, RI — Brookwood Financial Partners was not exactly stalking 1600 Division Rd., but when an opportunity arose in 2012 to acquire the hulking 550,000-sf flex/industrial building through a non-performing note sale from RBS Citizens, the Massachusetts-based investor did not hestitate, principal Thomas W. Brown recalls to the Real Reporter. “It was a deal that just made a lot of sense to us,” Brookwood’s acquisitions director recounts after the firm took over the building for $9.9 million via a pre-negotiated deed-in-lieu of foreclosure agreed to by RBS Citizens and the borrower, TC Warwick LLC, an affiliate of Trammell Crow. Although Brookwood does already own property in Rhode Island as part of a national investment platform, Brown says the firm was not targeting deals there specifically. “You have to be pretty careKURT ZERNICH ful when you are buying down there,” he says. “You have to be selective and really think things through.” In the case of 1600 Division Rd., the prognosis was favorable, Brown explains, due to such features as quick highway access to Interstate 95, clear heights in the warehouse portion to 40 feet and 100,000 sf of office space. At just under 50 percent leased to such firms as Metropolitan Life Insurance and Nova Records, the structure does offer a measure of cash flow as well, and Brown says the ability to be competitive on rents and having such hefty swaths of space available should enable 1600 Division Rd. to vie for larger users and fill the fallow portions in spite of the anemic Rhode Island economy. One trend Brookwood has noticed, he adds, is of companies consolidating their distribution facilities. “We think that could be a real benefit to us,” he says of the 40-year-old building that sits on 51.9 acres and has contiguous warehouse space up to 150,000 sf. “Given our low cost basis in the property, we will be able to offer very attractive rental rates and generous tenant improvement allowances,” adds Kurt Zernich, Brookwood’s Director of Asset Management. Since 1993, the firm has invested more than $500 million to buy 115 properties from California to Maine and nine states in beween.

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NEW HAMPSHIRE DEALS

$11.5M Takes 160,000-SF NH Park BY JOE CLEMENTS EDFORD, NH — A three-building office park here just south of Manchester was among the marquee investment sales in the Granite State during 2012, with Farley White Interests committing $11.5 million for the 160,000 sf of first-class space that was about 70 percent leased when purchased. Boston-based Farley White is among several investors impressed by the state’s low unemployment rate and other factors to buy into a tertiary market, with the firm already owning another Bedford park and last month paying $2.6 million for a five-story DENIS DANCOES office building off Route 3 in Nashua. “New Hampshire has been a good place to do business,” Farley White principal John F. Power told BEDFORD EXECUTIVE OFFICE PARK, BEDFORD NH the Real Reporter after completing the 60,000-sf Nashua acquisition to kick THOMAS FARRELLY off 2013 on a high note. That sale of Executive Tower at 61 Spit Brook Rd. was handled by Cassidy Turley FHO, whereas Cushman & Wakefield was exclusive agent for the Bedford Executive Office Park that was listed on SUE ANN JOHNSON behalf of seller Northland. The C&W team of Denis Dancoes, Thomas Farrelly and Sue Ann Johnson also procured the buyer and have since been named leasing brokers for Bedford Executive Office Park. “This is a perfect fit for Farley White,” says Farrelly of 1, 2 and 3 Executive Park Dr., citing the buyer’s “appetite and desire” to acquire New Hampshire real estate, plus a value-add approach used to revive other underperforming BEDFORD FARMS OFFICE PARK, BEDFORD NH assets. “They are a sophisticated owner who will jump right in and aggressively do what White’s other local asset, the Bedford Farms needs to be done to reposition a property,” says Office Park, which was purchased in stages Farrelly. “They know what it takes to be success- beginning in 2002 and has signed a number of ful in New Hampshire.” C&W also leases Farley tenants to the six-building, 310,000-sf park

that sits at the intersection of Routes 3 and 101. Farley White also has holdings in Manchester and at the Pease International Tradeport on the New Hampshire seacoast.

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NEW HAMPSHIRE DEALS

NH Users Guide Way to CRE Buys BY JOE CLEMENTS ERRIMACK, NH — Good things continued to happen in 2012 for this town just north of Nashua as the Granite State base of Fidelity Investments landed another major company following Atrium Medical Corp.’s $15.5 million purchase of 40 Continental Blvd. Its new owner intends to occupy the empty 115,000-sf office building after an expansion of up to 250,000 sf. The corporate coup was announced just as Merrimack was celePETER BILLIPP brating the opening of its new 600,000-sf outlet mall at Exit 10 of Route 3, a complex that brought hundreds of new jobs to the region. Another 700 are expected to ultimately be employed at Atrium’s Merrimack campus. JEANNE BUTLER Negotiated by Cushman & Wakefield advising seller Paradigm Properties and Tamposi-Nash Real Estate Group representing Atrium, the summertime sale of 40 Continental Blvd. was an especially striking example of how tenants throughout New Hampshire joined a national trend of acquiring versus renting commercial property.

CERATEC BUILDING., AMHERST NH

40 CONTINENTAL BLVD., MERRIMACK NH

Fueled by record low interest rates and special financing such as Small Business Administration loans, user activity was up tenfold by some estimates compared to a normal year, and at a time when investor ardor is tepid for buying vacant or partly empty buildings in secondary markets, the surge has been welcomed by owners eager to divest those holdings (See related story, page 46). Built in 1983 on 55 acres, 40 Continental Blvd. was renovated in 2005 but had been left

empty by Fidelity after exercising an option to terminate early, consolidating staff to its larger campus in the community. Paradigm Properties, had acquired 40 Continental Blvd. full for $12.5 million. One observer points out how the $15.5 million for an empty building reflects the ability of a user to pay more for a given asset than an investor. On the flip side, the Merrimack deal reportedly saved Atrium a substantial amount over an alternative plan to do a build-to-suit structure that was being pursued aggressively when 40 Continental Blvd. caught the eye of company officials. “It’s a huge win for both sides,” a source says of Atrium and Paradigm. Efforts to contact the buyer were unsuccessful by press deadline, but Paradigm did relay its satisfaction in a Real Reporter article upon completion of the transaction. The C&W New Hampshire team of Denis Dancoes, Thomas Farrelly and Sue Ann Johnson worked on the deal for Paradigm while William Luers was Atrium’s broker. Atrium Medical is expected to relocate employees from its longtime headquarters in Hudson by June 2014, and has put that 140,000-sf property at 5 Wentworth Dr. up for sale. Work is expected to commence at 40 Continental Blvd. near term. One market veteran notes that Merrimack is home to several leading firms including Budweiser, and cites a continued on page 71

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NH USERS GUIDE WAY TO CRE continued from page 70

combination of good highway access along Route 3, proximity to the Massachusetts border and lower real estate costs. The Paradigm site also secured special state economic incentives considered another attraction for Atrium. Another excess property—this one on Route 101A in Amherst— has also found new life after being on the sales block since 2008. NAI/Norwood Group broker Jeanne Butler was agent for Ceratec Corp. in the trade of the 53,000-sf industrial/retail building that sits on a 19acre parcel. The buyer, Marmon Utilities, was represented by Brad Vear of Vear Commercial. “We have been looking for six years for the right building, and the Ceratec property was the perfect fit,” Marmon President Michael Garratt said after his injection molding firm completed the acquisition last summer. In the same press release, Butler explained how her client opted to lease a portion of the so-called Ceratec Building to offset expenses while the right prospect was identified, a process she relayed was lengthened due to the torpid economy and unique location. The answer proved to be Marmon, with the key roadblock being a variance needed to allow for light manufacturing. “Marmon’s team of engineers, construction and manufacturing specialists were very pleased with the quality of the building, and once the variance was granted . . . they moved very quickly toward a sale,” Butler relays in the press release. The SBA 504 loan program for building users came into play in another 2012 transaction in Rochester, as Humphries Industrial Products paid $1.1 million for 22 Nadeau Dr. in Rochester. The buyer is a Somersworth rubber products company relocating into the 25,000-sf flex/industrial building after engaging Kane Co. broker Peter Billipp to find an alternative location featuring good highway access, with 22 Nadeau Dr. situated right off the Spaulding Turnpike. David F. Choate III of Grubb & Ellis negotiated for the seller, who had owned the asset since paying $660,000 in 1999, as relayed by the Real Reporter in an October 2012 article on the transaction. Granite State Economic Development Corp. secured the SBA 504 funding through Northway Bank. Also known as the Odyssey Press Building, 22 Nadeau Dr. proved a better option for his client than building new, Billipp says of the 25-year-old structure that sits on 5.3 acres in a small business park close to Route 125 that connects to the Spauldiing Turnpike. Funds from the Northway loan will be used to � improve the building by Humphries.

2012

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NEW HAMPSHIRE DEALS

Investors Checking into NH Hospitality BY JOE CLEMENTS EENE, NH — Although 2013 is expected to be an even stronger year for the hospitality market, there were a number of notable hotel sales in New Hampshire last year, properties serving a diverse mix of corporate, educational and leisure travel. One property that does well in all three spheres that changed hands is the Holiday Inn Express at 175 Key Rd. in Keene, an 80-unit asset bought by a local investor for $3.82 million after a spirited competition run by Wason Associates. “We had quite a bit of interest in it,” says President Earle Wason, who attributes EARLE WASON the solid market reaction to the facility having “impeccably maintained rooms” and HOLIDAY INN EXPRESS, KEENE NH a prime location just blocks from the city’s downtown and Keene State College. “It is a fine property that has been well-managed over the years, and recent renoPETER ANNON vations made it an exceptional piece of real estate to be purchased,” says Wason, with Keene Hotel Corp. spending more than $1 million to upgrade the facility prior to its sale to OS&S LLC. Principals thre negotiated to continue the franchise rights JOE CARDILLO with the Holiday Inn Express COMFORT INN, LINCOLN NH flag. Colwen Hotel Management of Nashua was Wason Associates sold seven properties in selected to operate the property, giving the firm its third hotel in the Keene Market under its 2012, with others including the $4.7 million purview. The Wason Associates team that repre- trade in Lincoln of the Comfort Inn and Eagle sented Keene Inn Corp. and secured the buyer Mountain House and Golf Course in Jackson, a include Wason with Peter Annon and Joe Cardillo. resort-style facility that has 96 guest rooms, 30 “We are very pleased with the negotia- of which are suites while all are fitted with modtions,” Earle Wason said after the sale, adding, ern accoutrements set against period fixtures “We are thrilled that Wason Associates contin- and furnishings reflecting the historic property’s ues to facilitate the successful transfers of hos- lineage that dates to the early 1900s. There is pitality properties during these challenging eco- also an outdoor pool and tennis court with a nomic times.” Its namesake founder has more nine-hole golf course. “It needs some work, but than a quarter-century of experience in the spe- that property has an incredible amount of cialized field, and his firm provides a range of potential,” says Wason. The Comfort Inn at 21 Railroad St. in Lincoln strategic analysis, financial advisory and transis a four-story, 81-unit property near Loon action services.

Mountain Ski Resort along the scenic Kancamagus Highway. Skiers and other tourists make up the bulk of demand there, explains Wason, whereas the Keene Holiday Inn Express caters to not only the college in town, but also business travelers and vacationers. “Everything moves around Keene in that neck of the woods,” says Wason. The Comfort Inn’s buyer hails from southern Florida. The hotel was built early in the millennium and has been well cared for since, reports Wason, who represented the seller, Butson Lincoln LLC and procured the buyer, Amba Hotel LLC. Financing was arranged by Northway Bank of North Conway, with Marc Poyant overseeing that element.

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CONNECTICUT DEALS

KS Partners Puts Connecticut on its Map BY JOE CLEMENTS OCKY HILL, CT — Kambiz Shahbazi’s vast real estate footprint touches New York, Massachusetts and New Hampshire, but the multi-faceted investor never owned a square foot in Connecticut before picking up 620,000 of them on the back stretch of 2012 here in this Hartford suburb. Brokers from CBRE oversaw the $65 million sale touted as the market’s largest portfolio deal of the new millennium. “This does bring us into Connecticut in a meaningful way, and we intend to build on that,” Shahbazi told the Real Reporter in an exclusive interview after finalizing the mid-October KAMBIZ SHAHBAZI purchase, his largest yet and one attractive enough for Barclays Capital to loan $45 million on the complex that sits along Interstate 91 just south of Hartford. According to sources, the capitalization rate broke into double digits. In declining to discuss financials. Shahbazi did express confidence the basis is low enough to make the entry worthwhile into a somewhat volatile region that suffered mightily in the 2008 recession. In acceding the recent woes, and advising against mak-

500 ENTERPRISE DR., ROCKY HILL CT

ing “crazy rent growth assumptions” for Greater Hartford, Shahbazi says historically the area has remained relatively stable in that regard. “You don’t see any huge rent (shifts) one way or the other,” he explained, adding it appears that held true even in the latest economic nosedive. Overall, he said at the time, “we feel going in that this is a very good buy. KS Partners later issued an official statement

further explaining their purchase. “A significant pricing inefficiency currently exists for suburban office properties, and interest rates are at historic lows, making this an opportune time to buy,” Shahbazi said in that release. “This off-market opportunity to acquire a portfolio of prominent properties at well below replacement cost will allow KS Partners to realize strong current continued on page 75

IPA Toasts $100M-Plus in 2012 Sales BY JOE CLEMENTS EW HAVEN, CT— Multifamily real estate was a popular item throughout New England in 2012, and one brokerage team led by Victor W. Nolletti and Steve B. Witten of Institutional VICTOR W. NOLLETTI Property Advisors took particular advantage of the mania with a series of notable deals including New Haven’s Wintergreen of Westville, which yielded $41.7 million. The Class A, 294-unit property that was built in 2008 attracted a STEVE B. WITTEN winning bid that amounts to $141,000 per key.

“Given solid market fundamentals and strong demand for welllocated product in the region, this newly constructed, luxury asset is poised to achieve significant revenue growth in the future,” Witten said in a release after closing on the deal at the end of Q3. Restrictive zoning and a growing popu- WINTERGREEN OF WESTFIELD, NEW HAVEN CT At the time of the sale, the property was lation should keep occupany high in the market, he predicts, while Nolletti cites the city’s diverse operated as a luxury rental catering to a crosseconomy that includes several major employers section of tenants, a constituency of students and Yale University as reasons for optimism. continued on page 75

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CONNECTICUT DEALS

A Busy Season for Drinkwater, Richard Team BY JOE CLEMENTS EST HARTFORD, CT — If variety is the spice of life, the Marcus & Millichap team of Laurie Ann (L.A.) Drinkwater and Seth J. Richard must have had a tangy 2012 in negotiating a cornucopia of real estate sales throughout Connecticut, including a pair of retail assets here that each attracted aggressive bidding. Other deals exceeding $1 million handled by the duo ranged from a Mobil service station in Avon to apartment properties in New London and Woodstock. The Berkshire Bank at 927 Farmington Ave. in West Hartford was the largest of the five, its $2.91 million price tag amounting to $1,085 per sf for the 2,680-sf building that formerly housed the Franklin Trust Credit Union. Berkshire Bank signed a 20-year, triple-net lease in May. The deal was handled LAURIE ANN DRINKWATER in partnership with the Boston office of Marcus & Millichap, as Robert Horvath and Todd Tremblay helped Drinkwater and Richards expose the opportunity to a range of prospects and ultimately represented the buyer. SETH RICHARD Besides what the listing team terms as “attractive increases in the rent schedule,” Drinkwater says the building’s location in West Hartford’s central business district was another drawing card, while the tenant has been on a growth spurt, now approaching $1 billion in assets following a series of acquisitions including Beacon Federal Bancorp. Inc. “Although Berkshire Bank is not an investmentgrade tenant, the benefit of the tenant’s financial strength allowed us to price and close accordingly at an aggressive cap rate,” explains Richard, with the buyer meeting the original list price. Less than two miles away from 927 Farmington Ave., a 5,150-sf strip center known as Boulevard Plaza also received a favorable response from investors when listed by Drinkwater and Richard, as the multi-tenanted Boulevard Plaza at 1037 Boulevard fetched $1.87 million, or nearly $365 per sf. Having provided the owners with property analyses on

BOULEVARD PLAZA, 1037 BOULEVARD, WEST HARTFORD CT

WASHINGTON STREET APARTMENTS, 73 WASHINGTON ST., NEW LONDON CT

this site since 2010, Drinkwater relays the group “was finally ready to reallocate their equity and we were prepared and wellequipped to sell on their behalf, resulting in an offer the same day it hit the market which went to escrow just 20 days later.” Richard notes the property is fully leased to regional and national tenants including Dunkin Donuts, Pizza Hut and Subway and has “a prime location” within the community. “This was a very rare opportunity to acquire a triple-net, multi-tenant retail property in one of the most sought-after communities in

Connecticut, which contributed to the quick disposition process of 70 days from listing to closing and included a complex due-diligence process,” Richard outlined. The Avon assignment also wrapped up quickly in a $1.86 million exchange in which Marcus & Millichap advised the seller of a newly leased gas station at the junction of Routes 44 and 167. “We delivered the seller an offer that went into contract with an eight-day closing on an all-cash basis,” reveals Richard continued on page 75

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KS PARTNERS continued from page 73

returns on its investment while having the potential for substantial long-term value appreciation.” Corporate Ridge is comprised of 55 and 175 Capital Blvd. and 500 Enterprise for a total of just over 500,000 sf. I-91 Tech Center is a fivebuilding asset totaling 115,000 sf of flex and office space. The portfolio was 87 percent leased at the time of its sale, with tenants including the American Cancer Society, Liberty Mutual Insurance, MetLife, United Healthcare, URS Corp., Verizon and Zurich Insurance. New Boston Fund was represented by CBRE/NE and brokers John McCormick, Patrick Mulready and Michael Puzzo from the Hartford office, plus Jeffrey Dunne of CBRE’s New York Capital Markets team. Sally Michael of Saul 175 CAPITAL BLVD., ROCKY HILL CT Ewing LLP was the attorney for KS Partners, state, Shahbazi says he felt a critical mass while Mike Marcone secured financing for the would be needed to make sense from an operacquisition through Barclays Capital. ational standpoint, and told the Real Reporter As to why he has never before bought in the that the intention is to consider other prospects

now that KS Partners has planted its flag in the Nutmeg State. “We have the economy of scale we needed,” he says. “It is the jumpstart we have been looking for.”

joined by Andy Daitch and Paul Davis on both sides of an $11.2 million transfer of the Berger Apartments at 135 Derby Ave. The Project-Based Section 8 rent subsidized property that has 144 units was acquired from AIMCO by Steele Property Holding LLC. Besides 21 two-bedroom units, the Section 8 contract for the elderly covers the property’s 123 one-bedroom units. Dating to 1900, the historic property once housed the Berger Brothers Corset Factory and was converted to apartments in 1981 using CHFA funding that matured last February. Historic occupancy in the development is sub-2 percent, relays Witten. Amenities include a game room, laundry facilities, library and outdoor courtyard. A per-unit price of $87,784 was achieved in the late summer sale of the Brittania Apartments at 234 Sherman Ave. in Meriden, a deal Nolletti and Witten handled for the seller along with colleague Eric Pentore while also procuring the

buyer. That group, 234 Sherman LLC, was represented legally by Meister Seelig & Fein LLP with Pullman & Conley LLC, while seller Taymil Britannia LLC was counseled by Ford & Paulekas. Highlights of that asset which fetched $7.7 million include an exercise facility, indoor swimming pool and covered garage parking. The property has 34 one-bedroom units, 20 twobedroom units and four three-bedroom units, plus 29 two-bedroom townhouse apartments and one three-bedroom townhouse. IPA’s Connecticut office is one of New England’s leading brokers of multifamily properties, with the Nolletti and Witten team cresting $100 million in 2012 activity. Other accomplishments of note for the team was a $21.7 million sale of 184 units in Beacon Falls; the $14.7 million trade of 305 units in Hartford; and a Providence, RI, deal involving 106 units that brought $4.65 million.

Switching to the multifamily stage, Drinkwater and Richard yielded $2.62 million for the Washington Street Apartments in New London. The 29-unit complex was developed out of an historic building that once served as a telephone exchange center for New England Telephone Co. Its restoration in 2002 included roof resurfacing and replacement of all mechanical systems, transforming the building to the point the sale price per unit exceeds $90,000. The hefty price was aided by being in an undersupplied market, says Drinkwater, and due to the extensive overhaul of the property by

their client, a New York-based investor, Amber Washington Associates. The team also procured the buyer, 73/86 Washington LLC. “There is unprecedented demand for these types of assets,” says Drinkwater. The other apartment property brokered by Drinkwater and Richard is a 33-unit property at 150 Harrisville Rd. in Woodstock. The gardenstyle complex features three buildings with 11 one-bedroom units and 22 two-bedroom units set on six acres. It commanded a price of $1.3 million and a capitalization rate of 5.75 percent.

IPA TOASTS 2012 continued from page 73

from three universities, empty nesters and young professionals. “We believe the new ownership has the opportunity to increase cash flow and occupancy through operational and managerial enhancements in one of the country’s best performing apartment markets,” Noletti outlined. Wintergreen of Westfield’s units are in a quintet of four-story, elevatored buildings. Amenities include a 24-hour fitness facility, club room with big-screen television, billiards and gourmet kitchen and a high-tech business center. Executive Directors based in IPA’s New Haven office, Witten and Nicolletti represented the seller, SA Wintergreen LLC, and procured the buyer, UOB Eagle Rock Multifamily Property Fund LP. In yet another New Haven listing that closed in the fourth quarter, Nolletti and Witten were

BUSY SEASON continued from page 74

who cites the long-term lease “with absolutely no landlord responsibilities” and an attractive rental stream for contributing to the quick response. “This heavily traveled corner is an ideal location for a gas station and ensures its long-term viability at this signalized corner,” adds Drinkwater, pointing out the large amount of retail in the corridor, including the 426,000sf Shoppes at Farmington Valley mall anchored by Shop Rite, Dick’s Sporting Goods and Kohl’s.

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M U LT I - F A M I LY Address 21 Henchman St., Boston 48-52 Lake Ave., Woburn Off Overlook Ridge Drive, Malden and Revere 272, 282 and 292 Bedford St., Abington 17 Cross St., Marlborough 37 Cooper St, Boston 777 Parker St., Boston

Buyer Jason T. Luippold and Giancarlo Tiberi Horn Pond Apartments LLC Overlook Ridge Apartments Investors LLC Cedarwood Village Apartments LLC 17 Cross LJS LLC 37 Cooper Street LLC 777 Parker Street LLC

Seller Nolan P. Previte William H. Sullivan, Jr Overlook Ridge LLC Cedarwood Village LLC Babylon Revisited LP Gerald R. Nasif Elaine L. Cooper and Ronald H. Cooper

Lender/Mortgage TD Bank William H. Sullivan, Jr Bank of America Digital Federal Credit Union Leader Bank Lowell Five Cent SB Brookline Bank

Price Mortgage Value $1,200,000 $900,000 $13,000,000 $9,750,000 $61,300,000 $55,500,000 $3,000,000 $2,400,000 $1,300,000 $1,040,000 $1,300,000 $1,040,000 $1,280,000 $1,024,000

158-160 Boylston St., Jamaica Plain 141-143 and 145-147 Charles St. and 56-58 Harvard St., Waltham

Deok J. Kim and Hye K. Kim Kenmore Property Group LLC

James C. Stamatos and Sam C. Stamatos 56H and 145C LLC and 128-143 Charles Street LLC

County Mortgage

$1,285,000 $1,109,000

Cambridge Park Drive, Cambridge 275 Marlborough St., Boston

Cambridge Park Apartments LP 275 LLC

BRE/CPD LLC, Brenda M. Torchio, Michael J. Torchio and Peter J. Torchio Hampton On Beacon LP

Andover Street and 8-10 and 14, 16 Beacon Place Apartments and 18 Beacon St., Lawrence 16 Devens St., Charlestown Douglas Yoffe Linda M. McNelley & William J. McNelley 33 Stearns Rd., Brookline MH Danesh LLC Donna Hurst and Deborah Musto 301-305 Dudley St., Boston Multi-Family Property Development LLC Tremley Chestnut LLC 3-5 Esmond St. and 754 Blue Hill Ave.; LBB Apartments LLC Lena Park Community Housing LP 53-55, 57 Glenway St.; 69 Glenway St. /20 Fowler St.; and 102-112 Talbot Ave ., Dorchester; and 1310 Blue Hill Ave. and 5-15 Fessenden St.; 31-31A Fessenden St.; and 4 Wellington Hill St., Mattapan 3-5 Esmond St. and 754 Blue Hill Ave.; LBB Apartments LLC Lena Park Community Housing LP 53-55,57 Glenway St.; 69 Glenway St./ 20 Fowler St.;and 102-112 Talbot Ave ., Dorchester; and 1310 Blue Hill Ave. and 5-15 Fessenden St.; 31-31A Fessenden St.; and 4 Wellington Hill St., Mattapan

$300,000

Northern Bank & Trust Co.

$25,564,300 $3,925,000

$2,850,000

KeyCorp Real Estate Capital Markets

$17,000,000

$14,875,000

Cambridge SB Hingham Institution for Savings South Shore Bank Property and Casualty Initiative

$1,050,000 $2,026,000 $1,855,000 $10,750,000

$787,500 $1,460,000 $1,507,500 $8,325,193

Property and Casualty Initiative

$10,750,000

$12,000,000

84 Grant St., Units 13, 14,18 & 19-22, Somerville New Grant LLC

84 Grant Street LLC

United Bank

$1,000,000

$700,000

156 West Brookline St., Boston

Brookline Development LLC

Barbara E. Rodriguez

Hingham Institution for Savings

$1,765,000

$2,240,000

42 and 66 Church St., Rockland

John M. O’Connor

Robert H. Gaughen Jr

Hingham Institution for Savings

$2,450,000

$1,960,000

10-20 Dodge St., Cambridge

Bridge & Oak Properties LLC

Meredith’s Dodge LLC

Digital Federal CU

$3,000,000

$1,600,000

32-34 Gardner St., Allston

Hamilton DS LLC

32-34 Gardner LLC

$3,972,000

10-20 Armington St., Allston

Hamilton DS LLC

10-20 Armington Street LLC

$5,000,000

26 Allston St., Allston

Hamilton DS LLC

26 Allston LLC

$3,528,000

39 Garrison Rd., Brookline

Suon Kuok

39 Garrison Road LLC

$1,680,000

4 Greenway Ct., Brookline

4 Greenway Court LLC

ABE Properties LLC

$2,000,000

$1,909,000

Supico Properties Corp Michael F. Iodice Jr

RCG Real Estate Fund LP VII Leader Bank

$2,370,000 $5,250,000

$1,659,000 $4,200,000

Northeast Community Bank

$763,000

$1,110,000

11, 13, 15, 17, 19 and 21 Pine St., Cambridge RCG Pine LLC 14 Murdock St., Units 1-1 to 1-10, 2-1 Hampshire LLC to 2-10 and 3-1 to 3-10, Somerville 148 Park St., Chelsea

Daled Properties LLC

Charles and James Family TR

45 and 47 Bay State Rd., Boston

Jocote LLC

Tosi LP

$6,900,000

20-24 Royce Rd., Boston

Charles C. Haijar and Paul R. Mahoney Alex M. Steinberg

Rockland Trust Co.

$7,500,000

$6,000,000

217-225A Albion St., Wakefield 20 Shayne Rd., Units 110-115, 216-221; and 322-327, Franklin 34 Brainard Ave., and 50 Revere Beach Pkwy., Medford 6 Claremont Pk., Boston 276-278 Parker Hill Ave., Boston 2 Elmwood Ave., Winchester 39 Garrison Rd., Brookline 60-64 Derby St., Somerville 107-109 Perkins St., Somerville 56 Chandler St., Boston 12-14 Glenside Ave., Boston 86 Commonwealth Ave., Boston 372-378 Washington St., Cambridge 625 Main St., Reading 19 and 21 Roseclair St., Boston 87-89 Morrison Ave., Somerville

225 Albion Street LLC Merion Corp

Bicknell Associates LLC Stoneham Savings Bank

Digital Federal CU Stoneham Savings Bank

$1,200,000 $1,700,000

$1,140,000 $2,295,000

MIREF Wellington LLC

Residences At Wellington Place LLC

6 Claremont Park LLC 276 Parker Hill LLC Home Again Associates LLC 39 Garrison Road LLC John P. Hayes John P. Hayes 56 Chandler Development LLC R&R Capital Investments LLC Nie-Jiann Wen James Z. Kurian General Washington Apartments LLC, Grey Shades LJS LLC Peter M. Kouracles

Ralf V. Antoni and Jackie Lee Cader FPG Property Acquisition 1 LLC Vera Contrado Realty LLC Alan J. Shapiro and Patricia C. Shapiro Concetta Cataldo and James J. Cataldo Sr Concetta Cataldo and James J. Cataldo, Sr Joseph P. Silvey Glenside 12-14 Farlow LLC Ronald Mercurio Joanne Womboldt 625 Main Street Associates Stephen E. Chaletzky Victor E. Gatto III

$40,058,750 Hingham Institution for Savings East Cambridge Savings Bank Cambridge Trust Co. East Cambridge Savings Bank Hingham Institution for Savings Webster Five Cents SB Guaranteed Rate

Mercantile Bank and Trust Co.

$1,725,000 $1,600,000 $3,600,000 $1,400,000 $1,200,000 $1,200,000 $1,520,000 $1,275,000 $4,710,000 $2,080,000 $3,850,000 $1,200,000 $1,180,000

$2,200,000 $1,334,000 $1,050,000 $2,160,000 $2,160,000 $1,965,000 $1,068,750 $895,000

$1,100,000

continued on page 77

THE ANNUAL REVIEW

THE REAL REPORTER ®

RETAIL Address 15 Flanders Rd., Belmont 255-267 Main St., Worcester 446-450 Main Street, Medfield 495 East Main St., Westfield 21 Millbrook St., a/k/a 87 Gold Star Blvd., Worcester 236 and 238 Edgartown Vineyard Haven Rd., Edgartown 867 Iyannough Rd., Barnstable 297 Boston Post Rd., Wayland 1020 Iyannough Rd., Barnstable 240 Old Colony Ave., South Boston 1985 Washington St., Hanover 333Columbia Rd., Hanover 70-80 Main St., North Reading 250 Rockland St., Hanover 57-59 Church St., and 19 Piedmont St., Boston 2639 Main St., Brewster 206-208 Great Rd., Littleton 120 Stafford St., Worcester 528 Pleasant St., a/k/a 276 Park Ave., Worcester 344 Turnpike Rd., Southborough 500-528 Commonwealth Ave., Boston Shops Way & Southwest Cutoff, Northborough 1191 Main St., Concord 793 Crescent St., Brockton Clubhouse Lane, Dracut Clubhouse Lane, Dracut 570 Arsenal St., Watertown 31-33 State St., Boston 31-33 State St., Boston 529 Geneva Ave., Boston 372 Chandler St., Worcester 705 Main St., a/k/a Route 28, Harwich 705 Main St., a/k/a Route 28, Harwich 705 Main St., a/k/a Route 28, Harwich 130 Corporate Park Dr., Pembroke 732 Rogers St., Lowell 732 Rogers St., Lowell 732 Rogers St., Lowell 915-947 Worcester St., Natick 815-825 Boylston St., Boston 2035 Washington St., Hanover 220 Maple St., Middleton

Buyer Sylex Holdings LLC Palladium Theater LLC Medfield 446 Main LLC 495 East Main Street LLC 87 Gold Star Boulevard LLC

Seller Lender/Mortgage Flanders Road Realty Associates LLC Watertown Savings Bank John C. Fisher and John L. Sousa Commerce Bank & Trust Kathryn E. Kelly, Thomas W. Kelly and Nancy Kelly- Lavin Noble Westfield LLC United Bank Noble Development LLC United Bank

Price Mortgage Value $1,000,000 $750,000 $1,475,000 $850,000 $1,725,000 $1,868,904 $1,172,500 $1,976,096 $1,172,500

Charles C. Hajjar and Paul R. Mahoney, Four Flags LLC

Eastern Bank

$3,000,000

K Hyannis Hospitality LLC Wayland MZL LLC AMR Real Estate Holdings Hyannis LLC Core Investments Inc Harlequin-Hanover LLC Robert Sennett R.K. North Reading LLC NHD Associates LLC Piedmont Street LLC Brewster Main Street Realty LLC Littleton Pines LLC 120S LLC Jawad Realty LLC HTK Southborough Realty LLC Kenmore Hotel LLC Equity One JV Sub Northborough LLC MDM Real Estate Holdings LLC 793 Crescent St. LLC Four Oaks Real Estate Holdings LLC Four Oaks Real Estate Holdings LLC BP Watertown Hotel LLC Glanz Properties Inc Glanz Properties Inc Alliance Energy LLC 372 Chandler LLC Loomis T. Simmons LLC Loomis T. Simmons LLC Loomis T. Simmons LLC 130 Corporate Park Drive LLC TG & Co. LLC TG & Co. LLC TG & Co. LLC Sunnyside Realty Group LLC Tribeca APL Boston LLC, Two Thousand Thirty Five Washington Street LLC Lewis Family Management Co. LLC and Maple Street Group LLC LMV Realty LLC The Gutierrez Co. 1255 Framrose LLC & 1255 Framkla LLC Newbury & Fenway 165 LLC Sandmark Management LLC Sandmark Management LLC LMV Realty LLC Extra Space Properties Two LLC Galaxy Worcester LLC

J&E Realty TR

Sovereign Bank Cape & Islands Development Inc TD Bank TD Bank RBS Citizens Eastern Bank Eastern Bank Eastern Bank Cambridge Savings Bank Rockland Trust Co. TD Bank

$6,000,000 $6,300,000 4,350,000 $1,025,000 $1,205,000 $1,700,000 $11,600,000 $1,380,000 $1,700,000 $2,400,000 $2,975,000 $3,500,000 $1,000,000 $1,350,000 $76,500,000 $128,387,801 $1,050,000 $1,150,000 $4,700,000 $4,700,000 $5,150,000 $6,225,000 $6,225,000 $1,250,000 $1,700,000 $1,850,000 $1,850,000 $1,850,000 $2,100,000 $4,400,000 $4,400,000 $4,400,000 $5,800,000 $27,500,000 $4,500,000

Joseph M. Pelich

Commerce Bank & Trust

$10,133,096

$7,000,000

One Chelmsford Road LLC Algonquin Industrial Realty Inc 1255 Worcester Road LLC Brooks Newbury Street LLC Beverly Ormston Beverly Ormston One Chelmsford Road LLC Pope’s Lane LLC E.C. Barton & Co

Eastern Bank

$2,750,000 $1,200,000 $1,850,000 $3,600,000 $1,920,000 $1,920,000 $2,750,000 $9,000,000 $1,100,000

$2,200,000

1 Chelmsford Rd., Billerica 68 Middlesex Tpk., Burlington 1255 Worcester Rd., Framingham 165 Newbury St., Boston 328 Commercial St., Provincetown 328 Commercial St., Provincetown 1 Chelmsford Rd., Billerica 36-50 Pope’s Ln., Danvers 755-759 West Boylston St., a/k/a 747 West Boylston St., Worcester 124 Church St. and 117-119 Old Church St., R.K. Rainbow LLC Pembroke

Martha E. Manning Henri Mehrez Francis J. Russell John D. Adams and Walter F. Adams Realty Income Corp 333 Columbia Road LLC North Reading Plaza LLC Inland American CFG Portfolio LLC Fifty-Seven Church Street, LLC Mardin Realty LLC OMNI Ventures 208 Great Road LLC The120 Stafford Street LP Cumberland Farms Inc. Cumberland Farms Inc. Boston University and University Inn LLC Northborough Retail Properties LLC Black Friars Realty Corp Charles A. Anton Meadow Creek LLC Meadow Creek LLC Charles River East Inc First Ipswich Realty Co First Ipswich Realty Co Edsel Limited Partnership Three-Seventy-Two Chandler Corp BRAX Land Inc BRAX Land Inc BRAX Land Inc Grissom Park Co LLC Group 1 Realty Inc Group 1 Realty Inc Group 1 Realty Inc Sunnyside Realty Group LLC Heritage Legacy LLC Merchant Hanover Properties LLC

Heater Road LLC

Sovereign Bank

Hingham Institution for Savings First Commons Bank Digital Federal Credit Union Spencer Savings Bank Rollstone Bank & Trust Co. Rollstone Bank & Trust Co. Wells Fargo Bank Allianz Life Insurance Co. Northern Bank & Trust Co Mechanics Cooperative Bank Bank of New England Bank of New England Belmont Savings Bank Brookline Bank Brookline Bank

First Republic Bank Cape Cod Five Cents Savings Bank Cape Cod Five Cents Savings Bank Eastern Bank Hometown Bank

$2,250,000 $750,000 $10,792,000

$3,120,000 $1,360,000 $1,875,000 $2,500,000 $800,000 $1,080,000 $40,000,000 $89,871,461 $776,000 $862,500 $1,500,000 $2,500,000 $3,500,000 $400,000 $4,046,250 $1,190,000 $570,000 $555,000 $1,110,000 $1,000,000 $1,760,000 $1,810,000 $2,200,000 $3,900,000 $18,000,000 $3,000,000

$1,350,000 $697,125 $862,125 $2,200,000 $2,700,000

$2,340,000

continued on page 78

THE ANNUAL REVIEW

THE REAL REPORTER ®

RETAIL Address 146-166 Old Church St., Pembroke 994 Northfield Rd., Lunenburg 994 Northfield Rd., Lunenburg 52, 60, 84 Pearl St.; and 26 Randall Ave., Braintree 21 Timpany Blvd., Gardner 60 McGrath Hwy., Quincy 2 Merrill St., Salisbury 125 Church St., Pembroke 57-59 Pitman St., Somerville 397-399 Middlesex Rd., Tyngsborough 626 Great Rd., Stow 51 Rocky Neck Ave., Gloucester 172 Rt. 137, Harwich 33 Main St., Nantucket 78 Centre St., Nantucket 880 and 884-894 Main Street and 27 Melrose St., Melrose 1971 Massachusetts Ave., Cambridge 5 Courthouse Ln., Chelmsford 150 Turnpike Rd., Westborough 59 Laurelwood Rd., Sterling 215 Lexington St., Waltham 25 Washington St., U-2, Wellesley 500 Minuteman Rd., U-1, Andover 83 & 85 Main St., Reading 2-16 Hobart St., Quincy 9 India St., Nantucket 108-114 Bridge St., Salisbury 1460 Middlesex St., Lowell 232 Old Colony Ave., Boston 296-300 Mishawum Rd., Woburn 1275 Providence Hwy, Norwood 1525 State St., Springfield 175 Beal St., and 10 Churchhill Rd., Hingham 658 Massachusetts Ave., Boston 1080 Eastern Ave., Malden 479 East Main St., Southbridge 88-90 Exeter St., Boston 88-90 Exeter St., Boston 1250 Osgood St., North Andover 40 Merrimac St., Newburyport 40 Merrimac St., Newburyport 1009 Boston Providence Tpk., and 395-419 High Plain St., Sharon & Walpole 651-663 Warren St., Roxbury 362 Yarmouth Rd., Barnstable 362 Yarmouth Rd., Barnstable 338 Squire Rd., Revere 1-5 Hurley St., a/k/a 85 First St., Cambridge 41-49 Waltham St., Lexington 1583 Worcester Rd., Framingham 1583 Worcester Rd., Framingham 168 Industrial Dr., Mashpee 14 Allstate Rd., Dorchester 21 Broad St., Nantucket

Buyer R.K. Rainbow LLC 994 Northfield Road LLC 994 Northfield Road LLC William F. Frazier

Seller GID Church Street LLC JB & MB Realty Inc. JB & MB Realty Inc. Pearl St. Motors Inc

Lender/Mortgage

Thompson Timpany Boulevard LLC Bank of Canton Gordon C. Ayer R.K. Pembroke LLC Pitman Development Group LLC Akshrdham LLC Leontine LLC Dennis A. Dyer Caroline Harwich LLC Clack LLC Richard J. Glidden Charter Melrose LLC

GM Crimson LLC Brian F. Spillane CP St. Louis Park RE Holdco LLC Windalier North River Plaza LLC Pitman Property Group LLC Edsel LP David Lorden Studio Lounge and Deck, Inc Peter S. Stagg Lawrence Maury and Michelle Maury Frederic F. Heap and Sheila A. Heap Merry Beth Rucker

Hingham Institution for Savings Sovereign Bank

$9,250,000 $1,000,000 $1,600,000 $37,300,000 $1,062,500 $1,400,000 $1,100,000 $1,400,000 $2,000,000 $4,500,000 $1,575,000 $8,600,000

Urban-SRP 1971 Mass Ave LLC Festa Realty LLC 150 Turnpike Realty LLC TPNG Inc.

Bob Slate Inc JayJoe Realty LLC Argonaut Holdings LLC Laurelwood Real Estate LLC

Leader Bank Bank of New England Ally Bank Clinton Savings Bank

$2,900,000 $1,240,000 $3,205,417 $1,400,000

$1,650,000 $681,712 $3,465,000 $1,200,000

Frederick Camerato & Jesse Camerato NPDW LLC MHF Andover III LLC SHRI Swaminarayan Realty LLC Hobart Street Realty LLC 9 India Street LLC BRUDAC LLC 1460 Middlesex Street LLC Old Colony Two Three Two LLC, MEPT Woburn Mall LLC Doctors of Norwood The Brookvillage West Partnership One Talbots Drive LLC 658 Mass Ave LLC, CFCDS-H LLC Southbridge Fair Investors LLC Hadar Boston LLC Hadar Boston LLC HJ and S LLC Merrimac Street Ale House LLC Merrimac Street Ale House LLC Maxine N. Dunitz

215 Lexington Street LLC Wellesley Washington Street CB LLC TNH Andover Residence LP Cumberland Farms Inc. South Shore LLC Donald E. DeMarco The Provident Bank Scott’s Food Market Inc LSREF2 Clover Property 15 LLC Koffler/GID Woburn LLC Leader Bank State Street N.E. Development LLC The Talbots Group LP Robert Burnham and Charles Dutcher CVS Pharmacy Inc Alevizos Concord Trust Inc Boston Exeter Corp Boston Exeter Corp Bank of New England 40 Merrimac Street LLC 40 Merrimac Street LLC Bond Walpole LLC

Watertown Savings Bank Savings Institute Bank & Trust Co. GE Capital Bank

$1,675,000 $10,250,000 $11,000,000 $1,400,000 $2,400,000 $2,492,500 $940,000 $1,500,000 $1,500,000 $62,059,410 $1,310,000 $1,700,000 $41,100,000 $1,000,000 $7,021,930 $10,375,000 $25,000,000 $25,000,000 $1,180,000 $1,600,000 $1,600,000 $20,500,000

$1,172,500 $8,100,000 $7,000,000

KLSL Realty LLC Pareto Holdings LLC Pareto Holdings LLC 338 Squire Road LLC Linear Retail Cambridge #2 LLC Waltham Street Associates LLC 1583 Worcester Road Realty Trust LLC 1583 Worcester Road Realty Trust LLC Mashpee Fitness LLC E&A Northeast LP 21 Broad Street LLC

651-653 Warren Street LLC Robert C. Tivey Jr Robert C. Tivey Jr Stephen R. Caruso Valerie C. Stelling BHX LLC Canford Real Estate Corp Canford Real Estate Corp Mashpee Industrial Realty LLC VNO TRU Allstate Road, LLC Nesbitt Inn LLC

Avidia Bank Avidia Bank Braintree Cooperative Bank

United States Bank Rockland Trust Co. Rockport National Bank

Webster Bank The Provident Bank Leader Bank MutualOne Bank

Cambridge Savings Bank Wells Fargo Bank Investors Bank Hadar Boston TR Chilswell Investments Ltd. Bank of New England Salem Five Cents Savings Bank Salem Five Cents Savings Bank Liberty Bank Rockland Trust Co Cape Cod Five Cents Savings Bank Cape Cod Five Cents Savings Bank Northern Bank and Trust Co

MutualOne Bank MutualOne Bank Cape Cod Cooperative Bank

Price Mortgage Value $5,460,000 $1,245,000 $360,000 $1,245,000 $840,000 $1,100,000 $787,500

$1,840,000 $1,200,000 $1,200,000 $2,125,000 $2,560,000 $3,200,000 $1,200,000 $1,200,000 $1,051,000 $21,000,000 $2,800,000

$34,000,000 $1,120,000 $1,050,000

$1,025,000 $5,000,000

$1,800,000 $1,364,000 $9,600,000 $1,700,000

$2,126,250 $182,925,000 $7,781,250 $10,250,000 $15,000,000 $502,250 $1,056,000 $1,320,000 $12,600,000 $1,335,000 $560,000 $700,000 $3,350,000

$684,000 $855,000 $1,282,000

continued on page 79

THE ANNUAL REVIEW

THE REAL REPORTER ®

RETAIL Address 54 LaGrange St., 32-58 and 41-45 Stuart St., Boston 464 Main St., Tewksbury 10 Church St., Cambridge

Buyer Avalon Street LLC

Seller 45 Stuart Street LLC

Group 1 Realty Inc BNC Church Street Holding LLC

Leisa M. Ginsburg and Mark Ginsburg American Multi-Cinema Inc. of Kansas City, MO Eugene P. Kelley and Michael Solimando Jr

29-32 North Market St., Durgin Park Owners LLC a/k/a 30-31 Clinton St., Boston 1427, 1429 and 1441 Commercial St., Angj LLC Weymouth 301, 303 and 305 W. Broadway and 301 West Broadway LLC 247 D St., South Boston 300 Boylston St., Newton Atrium Wellness Center LLC 301-319 Columbus Ave., Boston Linear Retail Boston #13 313-321 Marrett Rd. and SRP Marrett Square LLC 384 Waltham St., Lexington 96 Turnpike Rd., Westborough St. Mary’s Credit Union 2 Montello St., Carver Advanced Group Carver LLC 415 Cochituate Rd., 22 Flutie Rd. and 1 Worcester Rd., Framingham and Natick 55 Needham St., Newton Needham Street Village Shops LLC

Lender/Mortgage

Price Mortgage Value $14,437,500 $1,065,000 $6,500,000 $4,000,000

MD Gas LLC

Weymouth Bank

$1,150,000

$862,500

Charles S. Rosengard

East Boston Savings Bank

$1,100,000

$825,000

Mayflower Atrium LLC IBEW-NECA Diversified Underwritten WREC Columbus Ave. LLC James Manganello and Jason Manganello Leader Bank

$46,000,000 $1,790,000 $2,520,000

$30,000,000

Elizabeth A. Cavallaro and Peter Cavallaro, Jr Koffler/GID Silo Marketplace LLC BankNewport BRE DDR Shoppers World LLC DDR MDT Shoppers World LLC 55 Needham Street LLC

$1,514,000 $1,775,000

$1,912,000

$1,420,000 $214,145,116.32

$2,600,000

INDUSTRIAL Address 325 Silver St., Agawam 278 and 289 Elm St., Marlborough 20 Flanders Rd., Belmont 92-96 and 97 Prospect St., Somerville 60 Howard St., Watertown 70 Prospect St., Somerville 61, 69 and 79 Barlows Landing Rd., Bourne 61, 69 and 79 Barlows Landing Rd., Bourne 470 Wildwood St., Woburn 40 Campanelli Dr., Braintree 225 Wildwood Ave., Woburn 30 Bodwell St., a/k/a 291 Pond St., Avon 22 Water St., Cambridge

32 Riverside Dr., Unit 2, Pembroke 32 Riverside Dr., Unit 2, Pembroke 300 A St., a/k/a 288-304 A St., Boston 75 Campanelli Pkwy., Stoughton

Buyer OA Holdings LLC Sandra and Anthony Antico RE LLC Town of Belmont Two Squares LLC Mark D. Coppola 70 Prospect Street LLC 79 Barlows Landing Road LLC 79 Barlows Landing Road LLC Soper 470 LLC Campanelli Braintree LLC Janis Research Co. LLC JMDH Real Estate of Avon LLC Behringer Harvard 22 Water Street Project Owner LLC Eastern Lumber Co Jay I. Hanflig DWF III 300A Street LLC Sarpedon LLC Lynnfield Medical Building LLC and 206 South Main Street LLC, Manley Street Holdings LLC Milton Real Properties of Massachusetts LLC Rock Realty Group LLC Rock Realty Group LLC DWF III 300A Street LLC NCHWU LLC

482; 310 Kenneth W. Welch Dr., Lakeville 325 Turnpike Rd., Southborough 30 Superior Dr., Natick 201 Beacham St., Everett 58 Pulaski St., Peabody 58 Pulaski St., Peabody 66 Concord St., North Reading 58-60 North Ave., Natick

CSS I LLC Ken’s Food Inc Scannell Properties Beacham Street Realty LLC JD Lindsey Realty LLC JD Lindsey Realty LLC 66 Concord LLC Walnut Wallace Residences LLC

69 Haverhill Rd., Amesbury 70 and 80 Campanelli Dr., Braintree 300 A St., a/k/a 288-304 A St., Boston 10 Electronics Ave., Danvers 206 South Main St., Middleton 97 Manley St., Brockton 84 Concord St., North Reading

Seller O-A Inc Marlboro Elms LLC Jayne M. Savage and Peter A. Spinelli Kathleen M. Fennell Peter A. Spinelli Laurel A. Shuman Daniel S. Wiggin Daniel S. Wiggin Stedman 470 LLC Prologis LP 225 Wildwood Avenue LLC Grocap LP Catamount Holdings LLC K&B Site Co Prologis LP Brickman Harbor LLC Nancy A. Hecht Steve Andreadakis and Evangelos Gikas

Lender/Mortgage Avidia Bank Kathleen M. Fennell The Village Bank Prospect Street Lending TR Daniel S. Wiggin Cape Cod Five Cents Savings Bank Stanley A. Stedman Northern B&T Co.

Price Mortgage Value $1,050,000 $2,500,000 $3,150,000 $2,600,000 $1,800,000 $1,200,000 $1,015,000 $812,000 $1,050,000 $800,000 $1,765,000 $249,000 $1,765,000 $1,400,000 $5,100,000 $3,975,000 $1,070,000 $4,350,000 $3,480,000 $5,150,000 $23,150,000

Newburyport Five Cents SB Middlesex Federal Savings

$1,000,000 $2,400,000 $29,250,000 $1,200,000 $2,200,000

$960,000 $2,250,000

David Spiegel Southworth-Milton Inc

Nissan Motor Acceptance Corp. Southworth Milton Inc.

$4,000,000 $10,954,000

$4,000,000 $10,900,000

Robert Sennett Robert Sennett Brickman Harbor LLC Prologis Targeted U.S. Logistics Fund L.P. f/k/a AMB U.S. Logistics Fund L.P., mgd. by Prologis STAG II Lakeville LLC 325 Turnpike Road LLC Boston Scientific Corp., U.S. Foodservice Inc. Allen Realty Inc Allen Realty Inc Bibiana Bernardo and Henry P. Bernardo Duralectra Inc

New England Certified Development Corp Eastern Bank

$1,260,000 $1,260,000 $29,250,000 $3,700,000

$560,000 $677,200

RBS Citizens

Bank of America

Rockland Trust Co.

Allen Realty Inc TD Bank Bank of America MutualOne Bank

$9,066,482 $15,000,000 $15,303,972 $9,500,000 $1,350,000 $1,350,000 $1,300,000 $1,200,000

$1,700,000

$2,700,000

$7,050,000

$350,000 $1,040,000 $1,040,000 $840,000

continued on page 80

THE ANNUAL REVIEW

THE REAL REPORTER ®

INDUSTRIAL Address 247 Water St., Wakefield 247 Water St., Wakefield 247 Water St., Wakefield 15 Westover Rd., Ludlow 22 National Dr., Franklin 8 Forge Pk., Franklin 20 Forge Park, Franklin 4-6 Breed Ave., Lots 3 to 17, Woburn and Wilmington 937 North Main St., Randolph 166 New Boston St., Woburn 2189 Westover Rd., Chicopee 35 Buxton St., Uxbridge 35 Buxton St., Uxbridge 205 Carnegie Row, Norwood 13 Centennial Dr., Peabody 101 Constitution Blvd., Franklin 20 Liberty Way, Franklin 294 Southbridge Rd., Charlton 130 John St., Lowell 130 John St., Lowell 203 Flanders Rd., Westborough 69 Howard St., Watertown 53 Ayer Rd., Littleton 150 Goddard Memorial Dr., Worcester 25 Bowditch Dr., Shrewsbury 26 Cook St., Billerica 62 Everett St., Westwood 6 Cummings Rd., Tyngsborough 265 Ballardvale St., Wilmington 24 National Dr., Franklin 61-83 Braintree St., Boston 27-37 Harbor Loop, Gloucester 11 Dana Hill Rd., Sterling 11 Upton Dr., Wilmington 57 Herbert P. Almgren Dr., Agawam 283-293 Second Ave., Waltham 283-293 Second Ave., Waltham 2-3 Farm Ln., Georgetown 115-121 Boston St., and 5 West Howell St., Dorchester 192 Summer St., Kingston 160-162 Cross St., Winchester 160-162 Cross St., Winchester 55 Murphy Dr., Avon 304 Shore Rd., Bourne 845 Granite St., a/k/a 2 Campanelli Dr., Braintree 175-190 Kenneth W. Welch Dr., Lakeville 49 Melcher St., Boston 143 Colony Rd., Gardner 83 Commerce Way, Woburn 32 Riverside Dr., Pembroke 7 Bishop St., Framingham 60 Research Rd., Hingham 50 Shawmut Rd., Canton 340 Taylor St., Springfield

Buyer 247 Water Street LLC 247 Water Street LLC 247 Water Street LLC Physical Properties II LLC Exeter 22 Forge Park LLC Exeter 8 Forge Park LLC Exeter 20 Forge Park LLC Gillis Family Properties LLC

Seller Sideridis Realty Associates LLC Sideridis Realty Associates LLC Sideridis Realty Associates LLC R&S Investments CRP-2 Forge LLC CRP-2 Forge LLC CRP-2 Forge LLC Construction Inc

Uy A. Nguyen Bibiana Bernardo and Henry P. Bernardo STAG Chicopee LLC 35 Buxton Street Realty LLC 35 Buxton Street Realty LLC CarMax Auto Superstores Inc. Cabot III – MA1W03 LLC

Lender/Mortgage Bay Colony Development Corp RBS Citizens RBS Citizens United Bank Webster Bank Webster Bank Webster Bank PNC Bank

Price Mortgage Value $1,050,000 $435,000 $1,050,000 $420,000 $1,050,000 $525,000 $1,200,000 $1,060,000 $6,500,000 $60,800,000 $11,800,000 $60,800,000 $12,700,000 $60,800,000 $1,045,000 $1,496,000

Chizmas Holding Co. Inc

$2,000,000 $2,110,000 $8,325,000 $2,650,000 $2,650,000 $19,350,000 $8,500,000

Chizmas Holding Co. Inc Jean G. Pope and Ralph H. Pope Brookwood Westover Co. LLC Ricast Realty LLC Ricast Realty LLC David Spiegel Columbia Massachusetts Centennial Industrial LLC Cabot III – MA1W04 LLC Columbia Massachusetts Constitution Industrial LLC Cabot III – MA1M01 LLC Columbia Massachusetts Liberty Industrial LLC JRD Industrial Property LLC Incom Inc Boott Mill Development LLC Boott Properties LLC Boott Mill Development LLC Boott Properties LLC 203 Flanders Road LLC Atlantic-Southborough Realty LLC AACS Realty LLC 69 Howard Street LLC Five K LLC Littleton Industrial Park LLC Seven Hills Family Services Inc High View Realty LLC Marie Langevin and Mark Langevin Woodbury and Company Inc Exeter 26 Cook LLC Linette Quality Chocolates Inc Progressive Casualty Insurance Co. Everett Street LLC Hickory Realty Investments LLC Dana Stirling LLC Cabot III-MA1W02 LLC Campanelli-TriGate GS LLC NL Ventures IX National LLC Scholle Corp. 61-83 Braintree Street Realty LLC Folsom /Division St. LLC Kristensen Realty LLC Star Realty Management LLC 11 Dana Hill Road LLC Robert J. Gingras Dig Safe System Inc., MIAY LLC OMG Inc Agawam Mill LP SPS Second Avenue LLC Chiron Properties LLC SPS Second Avenue LLC Chiron Properties LLC Cianbro Fabrication and Coating Corp L.B. Foster Co 115 Boston Street LLC Robert C. O’Donnell & Suzanne O’Donnell

Spencer Savings Bank

$1,820,000 $3,050,000 $3,050,000 $1,600,000 $1,100,000 $3,350,000 $1,821,900 $1,425,000 $1,716,860 $3,250,000 $1,400,000 $5,900,000 $7,000,000 $2,140,000 $4,100,000 $2,600,000 $1,100,000 $2,490,000 $2,000,000 $2,000,000 $1,416,379 $1,180,000

192 Summer LLC Cross Street 160-162 Enterprises LLC Cross Street 160-162 Enterprises LLC 55 Murphy Drive LLC Back River Marine and Agricultural Corp Donald R. Charlebois

Sullivan Bros. Realty LLC Stephen E. LaPointe & Thomas S. LaPointe Stephen E. LaPointe & Thomas S. LaPointe General Electric Credit Equities Inc Matthew Stommel Prologis LP

RBS Citizens Thomas S. LaPointe Blue Hills Bank Michael L. Katzeff RBS Citizens

$2,600,000 $1,250,000 $1,250,000 $7,750,000 $1,050,000 $1,620,000

$920,000 $1,250,000 $7,500,000 $740,000 $1,296,000

175-190 Kenneth W. Welch Drive LLC 49 Melcher Street LLC Rock, Paper and Scissors Corp 83 Commerce Way LLC Robert Sennett South Middlesex Non-Profit Housing Corp 60 Research Road LLC Hillshire Realty Corp Nine Iron LLC

The Talbots Inc. W2005 BWH II Realty LLC R&C, Urban Corp Berm LP Ruth N. Rich Dennison Manufacturing Co.

Wallace Melcher Street LLC R&C Urban Corp. Sovereign Bank Rockland Trust Co. Middlesex Savings Bank

$20,800,000 $4,250,000 $1,000,000 $33,575,000 $1,525,000 $2,000,000

$2,000,000 $1,000,000 $28,000,000 $250,000 $3,400,000

Chicopee Savings Bank

$3,660,000 $2,934,000 $1,075,000

$940,000

Campanelli Hingham LLC Shawmut Park LLC Performance Food Group Inc.

Sovereign Bank Sovereign Bank

$1,800,000

$1,325,000 $1,060,000

$4,150,000 $5,200,000 Bank of America Lowell City Planning Development Lowell Development & Financial Corp. Rockland Trust Co. Flagstar Bank Fidelity Co-operative Bank

Marcia C. Dana

First Boston Associates Bank of America North Shore Bank, A Cooperative Bank TD Bank Brookline Bank Brookline Bank

$1,456,000 $400,000 $500,000 $750,000 $2,680,000 $1,370,000

$1,400,000

$1,600,000 $3,280,000 $1,020,000 $1,837,500 $990,000 $1,237,500 $944,000

continued on page 81

THE ANNUAL REVIEW

THE REAL REPORTER ®

LAND Address

Buyer

Seller

Lender/Mortgage

88-94 and 96 Bolton St.; and 177, 179 and 181 West Second Street, South Boston

West Point Realty Development LLC

South City LLC

Endeavor Capital 140 Series

11 Dike Rd. a/k/a Dike Bridge RD., Edgartown S. Fain Hackney

Becky Kidder Smith, Katherine J. Kidder and Michael Kidder

Block L-1, Seaport Square, Boston

SCD L1 Seaport Square LLC

MS Boston Seaport LLC

22-44 and 28-38 Gerrish Ave., Chelsea

22 Gerrish LLC

Standard Box Co. Inc

Mortgage Value $1,150,000

$5,575,000 $37,553,000 Boston Private Bank & Trust Co

Parcel 2B, Southeast side of Fellows St., Boston Trustees of Boston University

Albany Fellows 2B LLC

8,16 and 40 Cranberry Highway and 667 County Rd., Rochester

Farm Credit East Rochester/ Plymouth REO LLC

Farm Credit East ACA Wellesley Bank

Rochester Crossroads LLC

Price

$1,041,570.55

$1,302,500

$750,000

$5,500,000 $4,000,000

$4,700,000

$1,325,000

$3,200,000

36-58 Dedham Ave., Needham

Brookline Development LLC

Needham Place LLC

79, 83-91and 103 Heard St., 155 and 155A Sixth St. and 238 Spruce St. Chelsea

One North of Boston LLC

The Chelsea Economic Development Board

555 Woburn St., Lots 3-8, Wilmington

Asset Redevelopment Corp

Mary Levey and Margaret Lewis

275 Albany St., Boston

275 Albany Street LLC

BH Normandy 275 Albany Street LLC

GEGCF II Albany Street LLC

$13,775,000

275 Albany St., Boston

275 Albany Street LLC

BH Normandy 275 Albany Street LLC

$13,775,000 $10,726,219.51

410-540 E. St., Boston

MLQ-ELD LLC

Easy Street Acquisition Corp

73 Plain Rd., Wayland

Barberry Homes LLC

Gardencrest Apartments A Limited Partnership

$1,050,000

84 Rangeway Rd., Billerica

Value Holmes LLC

Allan A. Arakelian Sr., Morris Arakelian, Washington Savings Bank Diane Milholland & Mary Ann Passalaqua

$1,076,923

$1,312,500

84 Rangeway Rd., Billerica

Value Holmes LLC

Allan A. Arakelian Sr., Morris Arakelian, Washington Savings Bank Diane Milholland & Mary Ann Passalaqua

$1,076,923

$1,760,000

Canton Street, Parcel B, Randolph

AvalonBay Communities Inc.

Randolph Property Holding LLC

Thompson Avenue, Lots 19-23, Westwood

Westview Homes Development LLC

C/S Westview LLC

955 Turnpike St., Canton

James D. Berish and Stephen Berish

David O’Neil

$1,000,000

Curtis Street, Lot C-1-E; and East Main Street, Pulte House of New England LLC Lots C-1-A1 and C-2-C, Hopkinton

Legacy Farms LLC

$7,062,991

Pine Hill Rd., Chelmsford

Andrew F. Sheehan and Donna J. Sheehan

Town of Chelmsford

$3,800,000 $1,130,000 $2,900,000

$23,000,000

$6,272,000 Peoples Federal Savings Bank

$1,750,000

$1,675,000

$1,555,000

Parkview Street, Parcels R6A & R6B, SouthField Whitman Home Inc

LNR South Shore LLC

South Coastal Bank

$1,525,000

$1,413,750

210 E St. and 9 F St., South Boston

201 E Street LLC

Roman Catholic Archbishop of Boston

Needham Bank

$2,400,000

$1,920,000

212 Stuart St., Boston

Stuart Street Development LLC

RENA LLC

$3,300,000

175 Granite St., Rockport

Cape Ann Tool LLC

Old Colony Maritime LLC

$1,500,000

82 Howard St., Springfield

Blue Tarp reDevelopment LLC

Roman Catholic Bishop of Springfield

$1,000,000

6 and 8 Sewall St., Marblehead

Hugh H. Bishop, Ralph W. Carlton and James E. Nye

Harold B. Hansen

$1,600,000

3 Tower Field Ln., Lincoln

Michael J. Starr

Charles Fox and Michelle Fox

$1,750,000

Henry Drive, Lot 10, Pocasset

Hydroid Inc

C.C. Ventures Inc

Boston Post Road, Parcel 1, Wayland

Northbridge Wayland Assisted Living LLC 134 Boston Post Road LLC

Cambridge Savings Bank

$1,850,000

$1,093,000

324 Heath St., Brookline

324 Heath Street LLC

Pine Manor College

BankGloucester

$1,400,000

$2,300,000

0 Otis St., Northborough and 303 Turnpike Rd., Westborough

Berkshire Bank

Bob Evans Farm Inc

$1,650,000

Magnolia Reach, off Carter Hill Road, Lots 2-4, Gloucester

Magnolia Reach Capital LLC

SA Group Properties Inc

$2,450,000

131 and 225 Schoolmaster Ln., Lots 1-5 and 7-15, Dedham

Supreme Development Inc

Bank of Canton

$1,500,000

$1,000,000

131 and 225 Schoolmaster Ln., Lots 1-5 and 7-15, Dedham

Supreme Development Inc

Bank of Canton

$1,500,000

$1,550,000

17 Highland Park St., Boston

Trustees of Emmanuel College

Society of Saint Margaret

215 College Hwy., Southwick

Barrett Ltd

Southwick Investors I LLC

$3,000,000

183 Turnpike Rd., Westborough

Drake Petroleum Company Inc.,

Brendon Properties Three LLC

$1,325,000

95 Boston Rd. and 171 WorcesterProvidence Tpk., Sutton

Galaxy Sutton LLC

Millbury Federal Credit Union

50 Arbor Way, Fitchburg

Fitchburg Harvey Holdings LLC

Bell Realty Associates LLC

Theodore Drive, Lot I-4A, Westminster

Montachusett Regional Transit Authority Westminster Business Park LLC

720 Centre St., Brockton

Brockton Property Holding LLC

Chelsea Associates LLC

1346-1356 Boylston St., Boston

SCD 1350 Boylston Street LLC

BK Boylston LLC

Lots 5, 6, 7 and 7A Wedgewood Common, Concord

Wedgewood Common LLC

Guy P. DiGiovanni

Middlesex Savings Bank

$7,576,100

$6,100,000

Stony Book Dr., Lot 1-A, Millis

Stoneybrook Village LLC

Stoney Brook Village Realty LLC

CBRE Multifamily Capital

$21,000,000

$17,825,000

$1,171,000

$2,995,000

Milbury Federal Credit Union

$3,745,000

$3,695,000

$1,500,000 $1,050,000 Live Oak Banking Co.

$500,000

$4,200,000

$12,450,000

continued on page 82

THE ANNUAL REVIEW

THE REAL REPORTER ®

MIXED-USE Address 41-43 White St., Belmont 2-8 DeAngelo Dr., Bedford 19-21 Baldwin St. and 463-465 Rutherford Ave., Charlestown 10 Ellis Rd., Eastham; and 13 Old County Rd, 15 Route 6A, Orleans 564 Tremont St., and 53 Union Park St., Boston 409-411 and 433 Hartford Tpk., Shrewsbury 411-413 Massachusetts Ave., Cambridge 97 Newbury St., Boston 22 Bishop Allen Dr., 16 Columbia St., 865-871 and 877 Main St., Cambridge 65 Bishop Allen Dr., 7 Douglas St., and 501-507 Massachusetts Ave, 47 Bishop Allen Dr., 9-19 Columbia St., 433-447 Massachusetts Ave., 453-457 Massachusetts Ave., Cambridge 332 and 374 Congress St.; and 33-41, 34, 38 and 44 Farnsworth St. 130 Industrial Park Rd., Plymouth 130 Industrial Park Rd., Plymouth 130 Industrial Park Rd., Plymouth 80-82 Cranberry Hgwy., Orleans 63 Old Rutherford Ave., Charlestown 19 Cumberland St., Boston 95 Shawmut Rd., Canton 67 Batterymarch St. and 272-276 Franklin St., Boston 88 and 89 Walkers Brook Dr., Reading and 619 North Ave., Wakefield 120 Charles St., Boston 30 Prince St., Danvers 26-28 Newbury St., Boston 331 Hanover St., Boston 210 South St., Boston 210 South St., Boston 164 Prince St., Boston 1-3 Jackson Pl. and 1-4 Winter Pl., Boston 7-9 Montello St., Brockton 284-288, 290 and 300 Washington St., Quincy

Buyer 41-43 White Street LLC EMF Realty LLC 463 Rutherford Avenue LLC

Seller MNK Management LLC John J. Callahan and William J. Callahan Jr N. James DiPirro and Kathleen M. DiPirro

Howarth Holdings LLC

Michael D. MacAskill

Union Park Associates LLC BTR Realty LLC TPM CSQ B LLC New England Historic Genealogical Society TPM CSQ C LLC

Francine D’Olimpio Five Partners LLC Kathleen M. Fennell John M. Lewis Kathleen M. Fennell

TPM CSQ A LLC

Price Mortgage Value $1,050,000 $1,840,000 $1,275,000 $1,175,000 $1,500,000 $1,600,000 $1,800,000

UBS Real Estate Securities

$3,000,000 $5,400,000 $1,500,000 $3,000,000 $5,702,298

Kathleen M. Fennell

UBS Real Estate Securities

$7,150,000

$21,000,000

TPM CSQ B LLC

Kathleen M. Fennell

UBS Real Estate Securities

$12,969,021

$21,000,000

Columbia Massachusetts Fort Point Office Properties LLC Jasper LLC Jasper LLC Jasper LLC 80-82 Cranberry Highway Realty LLC Charlestown Property Holdings LLC 19 Cumberland LLC Shawmut Road Investors LLC Henri Jacques LLC

AG/ND Fort Point LLC

Bank of America

$110,300,000

$296,000,000

Betty A. Harkins and James P. Harkins Betty A. Harkins and James P. Harkins Betty A. Harkins and James P. Harkins R. John Hughes Daniel N. Kovacevic and Annette Tecce Timothy Francis O’Connor Hall Royce Shawmut SPE LLC ND/Atlantic 274 Franklin Street LLC

Bay Colony Development Corp Eastern Bank

Gallery Automotive Group LLC

Blacksmith Enterprises II LP

Dicentra LLC On Holdings LLC 28 Newbury EAT LLC In Town Realty TR Boston Common LLC Boston Common LLC PDJM LLC Origen Property Investments VI LLC Craig N. MacDonald South Cove Manor Nursing and Rehabilitation Center QALICB Inc 9-9A Charter St., Boston Nine Charter Street LLC 532-536 Cambridge St., East Cambridge Karl Kuryla 135, 145-147 and 149 Market St.; and 5-5A, Vineland Street Realty LLC, 11 and 13 Vineland St., Brighton 135, 145-147 and 149 Market St.; and 5-5A, Vineland Street Realty LLC, 11 and 13 Vineland St., Brighton 135, 145-147 and 149 Market St.; and 5-5A, Vineland Street Realty LLC, 11 and 13 Vineland St., Brighton 23 Low St., Newburyport 23 Low Street Realty TR, 23 Low St., Newburyport 23 Low Street Realty TR, 23 Low St., Newburyport 23 Low Street Realty TR, 514-516 South Main St., Andover Walker Realty LLC 11 Crooked Ln., Nantucket VIA VAI LLC 1705 and 1785 Columbus Ave., Boston 122-128 Cambridge St., Boston 618-624 Columbia Rd., and 4 Hamlet St., Dorchester 40-112 Follett St., Quincy

Lender/Mortgage Bank of Canton Salem Five Cents Savings Bank Bruce B. Daniel

120 Charles Street LLC Blue Water Realty LLC 28 Newbury JSRE TIC LLC 331 Hanover Street LLC Boston Kenmore Realty LLC Boston Kenmore Realty LLC Michael P. Valvo Locke-Ober Co John M. O’Connor John A. Hassen

Unibank UBS Real Estate Securities

Cape Cod Five Cents Savings Bank

Brookline Bank

$1,300,000 $1,300,000 $1,300,000 $1,375,000 $1,030,000 $1,350,000 $4,825,000 $6,400,000

$4,000,000 $21,000,000 $21,000,000

$537,000 $520,000 $650,000 $962,500

$4,200,000

$7,250,000

Wells Fargo Bank Banque Safra-Luxembourg Boston Kenmore Realty LLC Brookline Bank Northmark Bank East Boston SB Hingham Institution for Savings Porter Securities Inc. II

$3,000,000 $4,000,000 $26,730,000 $1,000,000 $1,400,000 $1,400,000 $1,250,000 $3,250,000 $1,250,000 $1,975,000 $2,425,500

$2,800,000 $14,000,000 $260,000 $790,000 $2,000,000 $5,460,000 $700,000 $19,000,000

Societa Festa San Giuseppe Colonia Riesina South Shore Savings Bank Josephine A. Vessella Walpole Co-Operative Bank 135 Market Street LLC Commerce Bank and Trust Co.

$4,050,000

$1,819,125 $1,143,750 $1,585,500

135 Market Street LLC

Commerce Bank and Trust Co.

$4,050,000

$1,631,000

135 Market Street LLC

Commerce Bank and Trust Co.

$4,050,000

$2,265,000

Provident Bank Provident Bank Provident Bank People’s United Bank

$1,433,657 $1,433,657 $1,433,657 $1,800,000 $1,725,000

$750,000 $1,000,000 $1,250,000 $4,250,000

White Rock Watermark LLC 122 Cambridge Street LLC Hamlet Columbia Properties LLC

Overland Marine Realty LLC Overland Marine Realty LLC Overland Marine Realty LLC John DiBlasi and Priscilla DiBlasi Massachusetts Society For the Prevention of Cruelty to Animals Claudio F. Poles Zorcon LP Fingal Group LLC

Needham Bank East Cambridge Savings Bank Brookline Bank

$2,200,000 $3,200,000 $1,875,000

$2,300,000 $1,275,000 $1,406,250

St. Bay Pointe LLC

Rossignol Corp.

American Bank of Texas

$6,800,000

$5,250,000

continued on page 83

THE ANNUAL REVIEW

THE REAL REPORTER ®

MIXED-USE Address Buyer 100-104 Arlington St., 47-55 Piedmont St. 100 Arlington Acquisition Company LLC and 250 Stuart St., Boston 9 Amelia Dr., Nantucket VTT Nantucket LLC 44 Bedford St., Middleborough ABC Commercial Properties Inc 424 Marlborough St., Boston Thomas F. Malone 159-161 Endicott St., Boston 159-161 Endicott Street LLC 50 Gloucester St., Boston LDJ Development LLC 311-317 Broadway and Revere Investments LLC 2-8 Pleasant St., Revere 0, 4, 6, 8 and 12 Pearl St., Medford Touro Investments LLC 117 and 117A Copeland St., Quincy Bernfeld Family LP 87 Summer St., Boston Summer Holdings LLC 57-65 Temple Pl., 485-499 and Walton Oxford Temple Owner LLC 501-509 Washington St, & 1-3 West St., Boston 337 Newbury St., Boston Lululemon USA, Inc 8-12 White St. & 123-129 Winter St., Haverhill White Winter Realty LLC 1140-1142 and 1144 River St., Boston River Street LJS LLC 150 Lincoln St., Needham Briarwood Property LLC 289 Elm St., Everett ERNC Realty LLC 289 Elm St., Everett ERNC Realty LLC 5 Memorial Rd., f/k/a 16 Butler Dr., Somerville Saint Polycarp Apartments 3 LLC 333-335 and 337-339 Beacon St. RCG Beacon Greenwood LLC /2 Greenwood Ter., Somerville 40 Cedar St., 10 Smith Ave., Somerville RCG Cedar Smith LLC 406 Main St., Unit 2, Plympton CPI Plympton LLC 476 Beacon St., Boston 476 Beacon Street LLC GA HC REIT II Hyde Park SNF LLC Aspinwall Investments LLC GP Apts LLC

Seller Arlington CFII LP

Lender/Mortgage Sovereign Bank

Price Mortgage Value $30,000,000 $52,000,000

MLCFC 2007-9 Amelia Drive LLC Prologis LP William P. Malone Endicott Properties LLC Isabelle Der Garabedian Alfred O. Palladino and Peter A. Palladino

Patriot Community Bank St. Anne’s Credit Union of Fall River, Mass.

$1,417,500 $3,600,000 $1,000,000 $3,150,000 $2,150,000 $1,300,000

$1,305,000 $2,880,000

$2,676,000 $1,175,000 $5,500,000 $23,250,000

$2,007,000 $823,000

Pearl Place Realty LLC Arda LLC Kingston Summer Realty Ventures LLC Northland Temple Place LLC 337 Newbury Holdings Citation Realty LLC Antoinette E. Pemberton NRNC Realty LLC Colonial Health Group – Everett LLC Colonial Health Group – Everett LLC St. Polycarp Redevelopment LLC James Michael Mega

Lowell Five Cent SB MSA Mortgage, LLC JPMorgan Chase Bank Rockland Trust Co

$2,520,000 $1,300,000

Brookline Bank Brookline Bank Bank of New York Mellon James Michael Mega

$7,500,000 $1,300,000 $1,500,000 $3,765,000 $6,800,000 $6,800,000 $1,134,890 $2,679,046

$1,000,000 $4,760,000 $5,293,538 $2,274,046

TD Bank

$1,040,000

Greenwood Management Properties LP Plympton Properties LLC Bank of America and Erica L. Emmet and Allison V. Lenk, Park Place LLC 130 Myrtle LLC Gramacy LLC

Greenwood Management Properties LP Pascack Community Bank Brookline Bank

$3,093,633 $3,175,000 $4,525,000

$2,442,636 $2,381,250 $6,450,000

Hingham Institution for Savings Country Bank for Savings

$4,383,000 $3,468,000 $2,700,000

$2,000,000 $2,160,000

$900,000 $900,000 $485,000

$1,350,000 $1,350,000 $2,168,000 $2,080,000

113 Central Ave., Boston 130 Myrtle St., Boston 156 Suffield St., Parcels A and D, Suffield St. and 0 Washington Ave., Agawam 49-51A Clifton St., Cambridge 41-47 Clifton St., Cambridge 12-14 Birch St., 20-22 Birch St., 26-28 Birch St., 34-36 Birch St. and 42-44 Birch St., Needham 183 Belgrade Ave., Boston 144-146 Willow St., Waltham Multiple lots at High Oaks Court, Lady Slipper Drive, Lester Gray Drive, Mill Brook Avenue and Shady Lane, Walpole 1-15 Lakeview Ave., Reading 170 St. Botolph St., Boston 16 Pinckney St., Boston 290 Corey Rd., Unit 43; 239 Kelton St., Units 32 and 41; 245 Kelton St., Units 23 and 41, Allston-Brighton 12-18 Tremont St., Kingston One Farms Dr., Burlington 150 American Legion Highway, Boston 52 Westland Ave., Boston 52 Westland Ave., Boston 26-28 Spencer Ave., Chelsea 28-34 Healey St., Cambridge 15 Leicester St., Boston 187-189 Broadway, Methuen 243 Northhampton St., Boston 7-11 and 15 Lancaster St., Worcester

Jeremy Seeger Jeremy Seeger North Shore Construction & Development Inc 183 Belgrade Ave LLC Charlesbank Estates Inc Toll MA I LLC

Joseph S. Antonellis and Paul J. Boucher Joseph S. Antonellis and Paul J. Boucher Shirley E.Y. Roman

South Shore Bank South Shore Bank East Boston Savings Bank

Grace Dunne and Tracy J.S. Dunne John W. Antico High Oaks LLC

Bank of Cape Cod High Oaks LLC

$2,600,000 $3,372,371 $8,950,000

1-5 Lakeview Avenue LLC Deph Realty LLC 16 Pinckney Street LLC ISB Realty LLC

Michael F. Iodice Jr The Stevens Greenberg Family LLC Aspinwall Investments LLC Mark Klaman

South Shore Bank Walpole Cooperative Bank Winchester Savings Bank Century Bank & Trust Co.

$16,200,000 $2,060,000 $1,512,500 $1,152,000

$11,500,000 $1,648,000 $912,500 $1,100,000

12-18 Tremont LLC Eaves Burlington LLC Edward W. Brooke Charter School 52 Westland Enterprises LLC 52 Westland Enterprises LLC Bravo Realty LLC Christopher Shachoy, Fortium Realty LLC M And R Broadway Methuen LLC HSB Real Estate LLC Massachusetts College of Pharmacy and Allied Health Services

SPE Tremont EAT LLC Stone Brook Farms LP Lena Park Community Development Corp 52 Westland LLC 52 Westland LLC BZG Properties LLC Anne Anninger and Thomas W. Anninger Jason C.Y. Man JSM Group LLC, John Hall Steven E. Daly

Rockland Trust Co.

$3,750,000 $40,250,000 $2,098,250 $12,800,000 $12,800,000 $1,035,000 $1,800,000 $5,178,000 $1,620,000 $1,150,000 $1,200,000

$3,000,000

1799 Centre St., West Roxbury

Hamilton DS LLC

1799 Centre LLC

Boston Private Bank & Trust Co. Belmont Savings Bank 52 Westland LLC Everett Co-operative Bank Brookline Bank Digital Federal CU Greystone Servicing Corp. Webster Five Cents SB

$3,977,800

$10,314,000 $1,250,000 $9,600,000 $750,000 $1,350,000 $3,000,000 $1,296,000 $1,017,480

$6,000,000

continued on page 84

THE ANNUAL REVIEW

THE REAL REPORTER 速

MIXED-USE Address

Buyer

Seller

106 Prince St., Boston

106 Prince Street LLC

Thomas Baldasarre and Gloria Rosato

25-25A Tileston St., Boston 225-227 East Berkeley St., Boston

Anthony V. Bova A&R Gambale Theodore Karakostas, John Sok Sao Ko Tamvakologos & Maria Tamvakologos

Lender/Mortgage The Savings Bank First Republic Bank

$1,700,000 $1,150,000

$1,300,000

50 Broadway St., Beverly

RPI Shrewsbury Main Realty LLC,

50 Broadway LLC

160-166 Bear Hill Rd., U-166, Waltham

Actronics Inc

Francis E. Jenney

Stoneham Bank

51-55 Grove St Chelsea

Daled Properties LLC

Charles and James Family TR

Northeast Community Bank

45 Garrison Ave., Brookline 117 Old Plymouth Rd., Bourne

45 Garrison Road LLC Harbor Group Home LLC* and Tudor Cherry Investors

Dorothy Saffarewich The Garland Holding Co. LLC

Cambridge Trust Co. Riversource Life Insurance Co.

89 Plympton St., Middleborough 528 Columbus Ave., Boston

Emerald Park LJS LLC Stefanos Efstratoudakis

528 Columbus Ave., Boston

Stefanos Efstratoudakis

7 Conant St., Provincetown 22 Kensington Rd, Weymouth 27, 29 and 31 Longwood Ave., and 12-14 Stearns Rd., Brookline 217 Sturbridge Rd., Charlton 153-161 Worcester Ct., a/k/a 157 Worcester Ct., Falmouth 19-31 Needham St., Units 1 and 2, Newton 1070 and 1080 Main St., Malden; and 2, 52-68, 70-74 and 78 Main St., Melrose 66 B St. and 360 and 410 First Ave., Needham 250 Elm St., Dedham 30 Caldwell St., Charlestown 26 Charter St., Boston 48 Magazine St., Cambridge 20 Bartlett Pl., Boston 222-224 Calumet St., Boston 2 Iris Court, Acton 147 Summit St., Units 5 and 14, Peabody 2149 Riverdale Rd., Holyoke and 2149 Riverdale St., West Springfield 2-8 Tremont Pl. and 10 Tremont Pl., Brighton 95 Broadway St., Units 1 and 3, Boston 156,158 and 160 Park St., and 161, 163 and165 Pearl St., Chelsea 18-28 JFK St., Cambridge 8-10 Seaverns Avenue Rear, Boston

Price

Mortgage Value

$1,810,000 $1,750,000 $650,000

$3,025,000 $483,000

$500,000

$1,110,000

$1,650,000 $1,900,000

$1,237,500 $1,425,000

Plympton Street LLC Adam Maleson, Benjamin Maleson, Michael Patrizio Vinciarelli Maleson and Sherrie R. Maleson Adam Maleson, Benjamin Maleson, Michael Wellesley Bank Maleson and Sherrie R. Maleson

$1,512,500 $1,805,000

$380,000

$1,805,000

$1,440,000

Conant West End LLC Donald Gillespie Marjoram LLC

Suzanne Carter J. Michael Albanese and Lisa McKeen Stearnwood Properties LLC

The Bank of Canton South Coastal Bank

$869,000 $1,055,000 $9,234,000

$1,326,750 $791,250

Juniper Apartments LLC Worcester Court Holdings LLC

Juniper Hill Apartments LLC Blaicon Properties LLC

Country Bank for Savings Webster Bank

$2,575,000 $1,055,000

$2,060,000 $787,500

75-85 Main Street Realty LLC WM Oak Grove Village LLC

KSKIM UBC Equity Partners LLC Pine Bank LLC

$5,000,000 $174,898,803

SXC Needham Inn LLC Archstone Legacy Place LP John Hancock Life Insurance Co. Frances K. Pergola and Michael Pergola 48 Magazine Street LLC Saltshaker Holdings LLC Calumet Street Partners Iris Court Apartments LLC William C. Harrington Carrickmor Company LLC

Normandy Gap-V Development Needham LLC Fairfield Dedham Limited Partnership, CBRE Capital Markets CJUF II Metro LLC Frances P. Ferro and Louis Ferro Bank of America William C. Barnert Hingham Institution for Savings Leah Miller William M. Sasser Bank of Canton Iris Court Associates Summit Units LLC Home-Like Apartments LLC Greenfield Savings Bank

$4,085,168 $94,250,000 $45,706,850 $1,450,000 $1,300,000 $1,175,000 $818,636 $6,600,000 $1,640,000 $2,285,000

2-10 Tremont Place LLC

Eleftheria Athan, Alexandros Sidiropoulos, Pilgrim Bank Maria Sidiropoulos & Sokratis Sidiropoulos Thomas W. Cornu Keith L. Miller Brookline Bank

P&T Group LLC Park & Pearl Realty LLC

Alliara LLC 18-28 John F. Kennedy Boulevard LP Christos G. Stamatos and George J. Stamatos

John F. Kennedy Boulevard LP David Levy

$60,000,000 $1,160,000 $1,550,000 $2,335,000

$1,828,000 $1,095,000

$2,000,000 $1,550,000 $31,675,000

$1,450,000 $7,000,000 $1,050,000

OFFICE Address 87 Kilby St., a/k/a 2 Liberty Sq., Boston 51 Performance Dr., Weymouth

Buyer AMP Capital Liberty Boston LLC U.S. REIF Weymouth Woods Massachusetts LLC 205, 213 and 225 Second Ave., Waltham MCP 225 Second Avenue LLC 10 Blanchard Rd., Burlington 10 Blanchard Road LLC 493-495-499 Massachusetts Ave., Cambridge TPM CSQ A LLC 131 Beverly St., Boston Related LJW Beverly Acquisition Co. LLC 160 North Washington St., Boston Related LJW Acquisition Co. LLC 263 Summer St., Boston Columbia Massachusetts Fort Point Office Properties LLC 2 Perry Way, Newburyport River Valley Charter School Foundation Inc 305 Bicentennial Hwy., Springfield Practice Properties Springfield LLC 55 Wheeler St., Cambridge ONA II Wheeler LLC

Seller Investors Warranty of America Inc. Libbey Park II LLC

Lender/Mortgage Eastern Bank

ADP Inc Leon J. Mangano Kathleen M. Fennell Beverly Wharf LLC North Washington Wharf LLC 263 Summer Street LLC

Cambridge Savings Bank

DLI Limited Liability Co Pearson-Cooley Development Co. LP New Boston Wheeler LP

Price

Mortgage Value $10,000,000

$22,800,000

Bank of America

$10,400,000 $1,275,000 $5,100,000 $11,250,000 $11,250,000 $19,000,000

$296,000,000

RBS Citizens Westfield Bank RBS Citizens

$4,350,000 $5,200,000 $27,000,000

$4,580,000 $4,160,000 $17,680,000

UBS Real Estate Securities

$12,110,600 $21,000,000

continued on page 85

THE ANNUAL REVIEW

THE REAL REPORTER ®

OFFICE Address 138 River Rd., Andover 5,10, 15, 20 and 35 New England Business Center Drive, Andover 2 Oliver St., a/k/a 6 Oliver St., Boston 1 Mercantile Pl., Worcester 169-177 Pine St, Natick 30 Perwal St., Westwood 20 Summer St., Watertown

Buyer 138 Minuteman LLC NEBC Andover LLC

Seller Meritage-Andover Holdings LLC NB MS NEBC LLC

Oliver Street Holdings LLC ONEMERC LLC Pine 177 RE LLC 30 Perwal Associates LLC Weston Associates Development Co

P6/Saracen 2 Oliver Real Estate LLC One Mercantile Place LLC United States Postal Service Campanelli-Trigate Westwood LLC New England Fuel Institute Education Foundation Inc Weston Associates Development Co Eastport Turner LLC DWF III 330 Congress LLC Brickman Congress Street LLC Brickman Sleeper Street LLC Pamela Rosengard Whalen DWF III 330 Congress LLC Brickman Congress Street LLC

Webster Bank

Brickman Sleeper Street LLC 84 Newbury Partners LLC South Street Professional Building LLC TDB Main Street LLC

Eastern Bank The Savings Bank Avidia Bank Clinton Savings Bank

Newton-Wellesley Hospital Big Click LLC

Thomas P. Cunningham and Lucy C. Paniszyn $1,510,000 $1,925,000

500 Lincoln Street LP Shoestring Properties LLC People’s United Bank CASCAP Realty Inc CASCAP Realty Inc Network 7, 8 and 10 LLC NetView 1, 2, 3, 4 and 9 LLC 235 Bear Hill Associates LLC 235 Bear Hill Associates LLC 235 Bear Hill Associates LLC Arlington 360 LLC Stuart W. Rapp HUB Properties TR Radius Heritage Realty LLC Radius Regency Realty LLC 2020 Commonwealth Avenue LLC

Rockland Trust Community Development IV LLC $2,780,000 $1,620,000 The Savings Bank $1,400,000 Eastern Bank $1,200,000 Eastern Bank $1,200,000 $7,000,000 $128,200,000 Brookline Bank $2,000,000 Brookline Bank $2,000,000 Bay Colony Development Corp. $2,000,000 First Niagara Bank $2,490,000 $1,200,000 $9,900,000 $14,025,161 $20,804,073 Eastern Bank $1,350,000

20 Summer St., Watertown Watertown Senior Housing LLC 60 Turner St., Waltham Brandeis University 313 Congress St., a/k/a 326-330 Congress St., Boston 313 Congress St., Boston DWF III 313 Congress Street LLC 51 Sleeper St., Boston DWF III 51 Sleeper Street LLC 380-382 West Broadway, South Boston American Boiler and Cooling Inc 313 Congress St., a/k/a 326-330 Congress St., Boston 313 Congress St., Boston DWF III 313 Congress Street LLC 51 Sleeper St., Boston DWF III 51 Sleeper Street LLC 84 Newbury St., Peabody Philopater LLC 24 South St., f/k/a 15 South St., Hudson 24 South Street LLC 133 East Main St., f/k/a 105-113 and Lucy Marlborough LLC 121-133 East Main St., Marlborough 2000 Washington St., Units 1E and 3D (Suites 345 and 546), Newton 404-408 Jarvis Ave., Holyoke Commonwealth of Massachusetts Division of Capital Asset Management and Maintenance 500-510 Lincoln St., Allston 500-510 Lincoln Street Realty LLC 765 Main St., Hyannis Hyannis Rotary LLC 246 Cabot St., Beverly GFP-1 Real Estate LLC 1323 Broadway, Somerville VOA Somerville Veterans Housing Inc 1323 Broadway, Somerville VOA Somerville Veterans Housing Inc 25 Network Dr., Burlington Network Drive Owner LLC 35, 45, 75, 85 and 95 Network Dr., Burlington Network Drive Owner LLC 235 Bear Hill Rd., Waltham Studio 205 at Wentworth Park LLC 235 Bear Hill Rd., Waltham Studio 205 at Wentworth Park LLC 235 Bear Hill Rd., Waltham Studio 205 at Wentworth Park LLC 39 Hospital Rd., Arlington Brightview Arlington LLC 66 Lewis Bay Rd., Barnstable Cape Cod Hospital One Constitution Way, Foxborough Medical Information Technology Inc 37 Route 6A, Sandwich Cape Heritage Landlord MA LLC 120 South Main St., Barnstable Cape Regency Landlord MA LLC 2020 Commonwealth Ave., f/k/a 2020 Enterprises LLC 2012 Commonwealth Ave., Newton 1010 Varnum Ave., Lowell Northwood Landlord MA LLC 119 Providence St., Worcester Worcester Landlord MA LLC 300 Billerica Rd., Chelmsford 123 South St., Plymouth 84 Chapin St., Southbridge

SIR 300 Billerica Inc Plymouth Landlord MA LLC Southbridge Landlord MA LLC

30 New Crossing Rd., Reading 135 Crescent St., Quincy 25 Washington St., Wellesley 1 Burlington Woods Dr., Burlington 3 Burlington Woods Dr., Burlington 877 Beacon St., Boston

SNH 30 Newcrossing Inc WQ Development LLC Newton-Wellesley Hospital Burlington Woods 1 Holdings-4 LLC Burlington Woods 3 Holdings-4 LLC 877 Beacon Street LLC

50 Derby St., and 25 Recreation Dr., Hingham

Corporate Center of Hingham LLC,

Radius Northwood Realty LLC Radius 119 Providence Street Worcester Realty LLC Billerica Road LLC Radius Mayflower Realty LLC Radius 84 Chapin Street Southbridge Realty LLC HH 30 Newcrossing Road LLC Roman Catholic Church Wellesley Washington Street CB LLC DIV Burlington Woods One Property LLC DIV Burlington Woods Three Property LLC Luciann Taibi McPherson and Roy Nick McPherson CD 2006-CD3-25 Recreation Park Drive LLC

Lender/Mortgage Brookline Bank

RBS Citizens

Price Mortgage Value $8,200,000 $20,900,000 $14,200,000 $52,000,000 $75,900,000 $2,576,000 $9,500,000 $2,200,000

$36,000,000

$6,734,000

$3,750,000 $4,850,000 Brickman Congress Street LLC Eastern Bank Georgetown Bank Brickman Congress Street LLC

$8,500,000 $20,750,000 $48,250,000 $925,000

$31,362,500 $2,610,000 $8,500,000

$20,750,000 $48,250,000 $2,025,000 $1,600,000 $3,391,304

$31,362,500 $1,620,000 $1,288,000 $2,550,000

$2,800,000 $1,680,000 $250,000 $1,500,000

$810,000 $815,000 $835,000 $21,317,116

$675,000

$8,184,819 $9,589,552 $12,200,000 $13,226,964 $13,620,750

Bank of Canton

$16,400,000 $569,000 $10,916,500 $23,750,000

$1,582,570

$30,250,000 Hingham Institution for Savings

$1,500,000

$875,000

Eastern Bank

$5,700,000

$3,000,000

continued on page 86

THE ANNUAL REVIEW

THE REAL REPORTER ®

OFFICE Address

Buyer

Seller

Lender/Mortgage

Price

Mortgage Value

122, 143 and 150 York St., Stoughton

New England Sinai Hospital A Steward New England Sinai Hospital Inc Family Hospital Inc

801 Boylston St., Boston

Frazer Boylston Holdings LP

801 Boylston Street LLC

Rockland Trust Co.

$27,000,000

$17,090,000

130 Centre St., Danvers

RCG Wadsworth Village LLC

Wadsworth Village LLC

East Boston Savings Bank

$2,325,000

$1,745,000

99 Rosewood Dr., Danvers

99 Rosewood Drive LLC

Wells Fargo Bank

Enterprise Bank & Trust Co.

$2,955,000

$2,800,000

199 Rosewood Dr., Danvers

199 Rosewood Danvers LLC

Wells Fargo Bank

$4,445,000

126 State St., Boston

126 State Street Associates LLC

JTS State Street LLC

$6,725,000

$16,280,000

416-418 West Broadway, South Boston

Acorn 416 Broadway LLC

Aram Heghinian & Gwenyth Heghinian

Enterprise Bank and Trust Co.

$1,800,000

$2,080,000

68 Elm St. and 5 Parkwood St., Hopkinton

Elmwood Perk Property LLC

RREEF America REIT III-ZI LLC,

Sovereign Bank

$31,098,108

$21,500,000

99-117 First St. and 10-12 Hurley St., a/k/a 107 First St., Cambridge

Linear Retail Cambridge #2 LLC

Valerie C. Stelling

90 Hamilton St., Cambridge

Urban-SRP 90 Hamilton LLC

90 Hamilton Street LLC

Enterprise Bank and Trust Co.

$1,700,000

$1,510,000

95 Main St., Reading

RJO Properties LLC

Lee A. McNelly and Thomas T. Riquier

Northern Bank & Trust Co.

$1,150,000

$850,000

770 Cochituate Rd., Framingham/Natick

TJX Companies Inc

$3,140,000

Campanelli Cos

$107,605,651

110, 112 and 114 Turnpike Rd., Westborough Turnpike Executive Park LLC

TR Turnpike Corporation

$16,848,000

1073-1079 Hancock St., Quincy

Haocheng* Trading USA, Inc

Bosyen Realty LLC

$1,450,000

174 and 176 Middlesex Turnpike, Bedford

Cole of Bedford MA LLC

Mariner Bedford Woods LLC

$93,500,000

184 High St. & 71 & 77 Summer St., Boston Summer High Holdings LLC

Summer High Realty Ventures LLC

Wells Fargo Bank

$23,350,000

$19,000,000

95 Hayden Ave., Lexington

95 Hayden LLC

Two Ledgemont LLC

JP Morgan Chase Bank

$44,693,351

$29,693,351

241 Boston Post Road West, Marlborough

62 Realty LLC

241 Realty LLC

New England Certified Development Corp.

$3,500,000

$1,441,000

37-41 Main St., Bolton

Paragon Holdings LLC

RGM Holdings Corp

RBS Citizens

$8,000,000

$1,500,000

37-41 Main St., Bolton

Paragon Holdings LLC

RGM Holdings Corp

RBS Citizens

$8,000,000

$6,500,000

20 Southbridge Rd., Charlton

JRD Family Realty LLC

Richard A. Doyle and David J. Hegarty

Southbridge Savings Bank

$1,100,000

$1,090,000

155 Fortune Blvd., Milford

Nitto Denko Avecia Inc

ARE-MA Region No.19 LLC

$8,000,000

7-11 Ballard Way, Lawrence

Community Day Care Center of Lawrence Inc

Brooks Properties II LLC

$1,550,000

2 Commercial St., Sharon

Gary M. Johnson

East-West Enterprises Co., LTD

$1,359,694

1 Alewife Ctr., Cambridge

Brookwood Alewife Center Investors LLC NB MS Alewife LLC

Cambridge Savings Bank

$12,000,000

$8,100,000

14 Cochituate Rd., Framingham

Stonegate 14 Cochituate Road LLC

Lexann Properties LLC

Middlesex Savings Bank

$1,800,000

$1,350,000

580 Main St., Bolton

Bolton Office Park LLC

CIP Bolton LLC

America’s Life Insurance Corp.

$4,680,000

52 and 60 Main St., Brockton

Trinity Brockton LP

Northborough Capital Partners LLC

Boston Community Loan Fund Inc.

$1,150,000

$3,000,000

15 Muzzey St., Lexington

Totten Pond Holdings LLC

Lois Ernst Inc. Realtors

$1,085,000

EDUCATION Address

Buyer

Seller

20 Johnson Rd., Chicopee

Johnson Road Properties Inc

ACE IT Education Inc

Lender/Mortgage

Price

Mortgage Value

Patriot Community Bank

Sunnyview Education LLC

KR Education LLC

Patriot Community Bank

$4,500,000

$3,600,000

34 Winter St., Arlington

Schools for Children Inc

Town of Arlington

Cambridge Trust Co.

$4,214,196

$2,400,000

$1,500,000

FLEX Address

Buyer

Seller

Lender/Mortgage

261 Ballardvale St., Wilmington

SSI Ballardvale LLC

Campanelli-TriGate GS LLC

Blue Hills Bank

1 Hill Street, Lot 2, Woburn

A.L. Prime Energy Consultant Inc

Renaissance Development Corp

Price $5,800,000

Mortgage Value $4,750,000

$1,700,000

12 Resnik Rd., Plymouth

Legacy Resnik, LLC

12 Resnik Road LLC

Cambridge Savings Bank

$2,800,000

$2,000,000

59 Technology Dr., Lowell

Fifty-Nine Technology LLC

Suffolk Drum Hill LLC

TD Bank

$2,200,000

$1,220,000

continued on page 87

THE ANNUAL REVIEW

THE REAL REPORTER ®

HOTEL Address

Buyer

Seller

550 Winter St., Waltham

RLJ EM Waltham LLC

HEI Waltham LLC

Address

Buyer

859 Main St., Woburn

859 Main Development LLC

Lender/Mortgage

Price

Mortgage Value

$62,612,330

RELIGIOUS Seller

Lender/Mortgage

Price

Mortgage Value

Roman Catholic Archbishop of Boston

Northern Bank and Trust Co

$3,600,000;

740 Tremont St., a/k/a 728 Tremont St., Boston 740 Tremont LLC

New Hope Baptist Church Inc

East Boston SB

$3,600,000

$2,700,000 $8,906,063

$1,000,000; 75 Pleasant St., Arlington

The Boston Church of Christ

Pleasant Street Congregational Church of Arlington

RBS Citizens

$1,000,000

$1,725,000

303 Adams St., a/k/a 930 Brook Rd., Milton

Laboure College Inc

Congregation of The Sisters of Saint Joseph of Boston

Blue Hills Bank

$5,300,000

$6,500,000

Address

Buyer

Seller

1600 Tremont St., Boston

Alliance Energy LLC

Edsel LP

10 Lincoln St. and Pleasant Street, Winthrop

Winthrop Manor LP

Tina Brzezenski

631 Mount Auburn St., Watertown

ARC CBWTNMA001 LLC